• EUR/AUD initially dipped on Thursday but recovered most of the ground as bids emerged near level 1.6540 level
• At GMT 17:33, the pair was trading up 0.02 percent at 1.6585 after reaching daily low at 1.6542.
• A daily close above 23.6%fib will further improve the technical outlook, and open the possibility of a rally towards 1.6950 level.
• Technicals highlight upside risks. The 14- and 21-day moving averages lend support, daily RSI is bullish at 56.
• Immediate resistance is located at 1.6592 (38.2%fib), any close above will push the pair towards 1.6654 (Mar 20th high)
• Support is seen at 1.6524 (9EMA ) and break below could take the pair towards 1.6501 (50% fib).
Recommendation: Good to buy around 1.6570, with stop loss of 1.6470 and target price of 1.6660
