FxWirePro:EUR/AUD chart very bullish, looks on course for 1.6200

• EUR/AUD rose   on Monday   as growing global concerns about the delta variant and more aggressive lockdowns across Australia weighed on Australian dollar.

• Lockdowns in Australia’s two largest cities, Sydney and Melbourne, which account for the bulk of the country’s economic output and employment, hurt investor sentiment.

• A daily EUR/AUD close above the 1.6080 ( 23.6%fib) will further improve the technical outlook, and open the possibility of a rally towards 1.6200.

• Technical favours bullish sentiment, RSI is rising & pair trades above 5 and 9-DMAs. 

• Immediate resistance is located at 1.6080 ( 23.6%fib), any close above will push the pair towards 1.6120 (Daily high).

• Immediate support is seen at 1.6037 (5DMA ) and break below could take the pair towards 1.5999(38.2%fib).

Recommendation: Good to buy around 1.6030, with stop loss of 1.5990 and target price of 1.6120