• EUR/AUD strengthened on Wednesday but was stuck inside modest 1.5711-1.5770 range as market attention turned to European Central Bank meeting on Thursday.
• Investors bet that ECB is unlikely to slow its pandemic emergency bond purchases at its policy meeting on Thursday.
• Technicals leans bullish as RSI is at 55 bullish, and 5, 9,11 DMA’s are trending north.
• Immediate resistance is located at 1.5770 (23.6%fib), any close above will push the pair towards 1.5840 (Higher BB).
• Immediate support is seen at 1.5721(5 DMA) and break below could take the pair towards 1.5671 (38.2%fib).
Recommendation: Good to buy on dips around 1.5700, with stop loss of 1.5660 and target price of 1.5830
