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• EUR/AUD rose higher on Friday as Australian dollar extended downside ahead of next week Reserve Bank of Australia's policy meeting
• A rally towards bigger resistance in 1.6656 resistance zone is possible if EUR/AUD bulls overcome resistance at 38.2% fib.
From a technical viewpoint, the moving averages are pointing upwards, while the RSI is bullish at 58.
• Immediate resistance is located at 1.6527(38.2% fib), any close above will push the pair towards 1.6616 (Higher BB).
• Strong support is seen at 1.6488 (5DMA) and break below could take the pair towards 1.6403(50% fib)
Recommendation: Good to buy around 1.6510, with stop loss of 1.6400 and target price of 1.6580
