• EUR/AUD initially dipped on Wednesday but recovered as market jitters over Chinese property developer Evergrande eased.
• Long upper wicks on recent daily chart imply EUR/AUD is likely consolidate higher.
• Technical signals are bullish as RSI is higher at 55, daily momentum studies 5, 9 and 11 DMAs are trending up.
• Immediate resistance is located at 1.6195 ( 38.2% fib), any close above will push the pair towards 1.6225 (Higher BB)
• Support is seen at 1.6110 (50%fib ) and break below could take the pair towards 1.6017 (61.8%fib).
Recommendation: Good to buyaround 1.6150 with stop loss of 1.6030 and target price of 1.6210.
