• EUR/AUD rebounded strongly after initial fall on Tuesday as traders positioned themselves ahead of the release of the minutes from the U.S. Federal Reserve .
• EUR/AUD price action resulted in sharp pullback flashing warning signs for shorts.The pair climbed back above the 38.2%fib, a daily bull hammer has formed .
• Technical signals show the pair could gain more ground in the short-term as RSI is at 52 bullish, daily momentum studies 5, and 9 DMAs are trending up.
• Immediate resistance is located at 1.5754 (38.2%fib), any close above will push the pair towards 1.5787 (50%fib).
• Strong support is seen at 1.5715 (23.6%fib) and break below could take the pair towards 1.5693 (Ichimoku Cloud top )
Recommendation: Good to buy around 1.5750, with stop loss of 1.7410 and target price of 1.5815
