• EUR/ AUD traded in tight ranges on Monday as investors digested recent gains on dovish pivots from major central banks .
• Investors expect the Fed, the European Central Bank and the BoE to each deliver only 75 basis points of cuts by the end of this year, in three 25 basis point moves.
• At GMT 18:01, the pair was trading down 0.12 percent at 1.6571 after reaching daily low at 1.6544.
• Technical signals are slightly bullish as RSI is at 51 bullish, daily momentum studies 5, 9 and 11 DMAs are trending up.
• Immediate resistance is located at 1.6607 ( 38.2% fib), any close above will push the pair towards 1.6652 (20th March).
• Immediate support is seen at 1.6526 (50% fib) and break below could take the pair towards 1.6450 (61.8% fib).
Recommendation: Good to buy around 1.6560, with stop loss of 1.6450 and target price of 1.6630
