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• EUR/AUD rally extended towards 1.5550 on Tuesday as brightening outlook for Eurozone inoculation program boosted euro.
• Euro gains came after the announcement that the European Union has secured an additional 100 million doses of COVID-19 vaccine by BioNTech and Pfizer.
• The pair has traded a 120 pip range thus far Tuesday, 1.5442-1.5562.Unless there is major news uptrend is set to extend.
• Technical signals highlight upside bullish trend as daily RSI is at 55, daily momentum studies, 5, 10 and 11 daily and climb.
• Immediate resistance is located at 1.5573(50%fib), any close above will push the pair towards 1.5642 (Higher BB).
• Immediate support is seen at 1.5496 (5DMA) and break below could take the pair towards 1.5427 (38.2%fib).
Recommendation: Good to buy on dips around 1.5540, with stop loss of 1.5430 and target price of 1.5610.
