• EUR/AUD gained on Friday as euro was supported on the back of better-than-expected Eurozone GDP data.
• The Eurozone economy grew faster than expected in the second quarter after emerging from a pandemic-induced recession.
• EUR/AUD bulls confidence is running high, a test of the 1.6213 (23.6%fib) highly seems likely.
• From a technical viewpoint, RSI is strongly bullish at 70, daily momentum studies, 5, 10 and 11 daily MAs are pointing higher.
• Immediate resistance is located at 1.6172(Higher BB), any close above will push the pair towards 1.6213 (23.6%fib).
• Immediate support is seen at 1.6122 (38.2% fib) and break below could take the pair towards 1.6056 (50%fib).
Recommendation: Good to buy on dips around 1.6150, with stop loss of 1.6060 and target price of 1.6220.
