• EUR /AUD steadied on Wednesday as markets looked ahead to the ECB meeting.
• ECB meets Jun 9 and is broadly expected to raise rates in small steps,economists are leaning towards July for first hike.
• The pair hit daily low at 1.4823 and was last trading at 1.4866 .
• Technical signals show the pair could gain more ground in the short-term as RSI is turing up bullish, daily momentum studies 5, 9 and 11 DMAs are trending up.
• Immediate resistance is located at 1.4951 (38.2%% fib), any close above will push the pair towards 1.5000 (Psychological level).
• Immediate support is seen at 1.4839 (50DMA) and break below could take the pair towards 1.4767 (50%fib).
Recommendation: Good to buy on dips around 1.4860, with stop loss of 1.4620 and target price of 1.4920.
