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FxWirePro: EUR/AUD ventures higher, eyes 1.6525 level

• EUR/AUD rose sharply  on Thursday as risk aversion, Sino-U.S tension and  weak yuan undermined Australian dollar.

• The pair is currently approaching resistance at 23.6%fib resistance. A break and daily close above will accelerate further gains towards 1.6525 level.

• Technical signals show the pair could gain more ground in the short-term as RSI is at 59 bullish, daily momentum studies  5, 9 and 11 DMAs are trending  up. 

• Immediate resistance is located at 1.6455  (23.6%fib), any close above will push the pair towards 1.6533(Higher BB).

• Strong support is seen at 1.6377 (5DMA) and break below could take the pair towards 1.6340 (38.2%fib).

Recommendation: Good to buy around 1.6400 with stop loss of 1.6280 and target price of 1.6470
 

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