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• EUR/AUD rose on Tuesday as Australian dollar was dragged lower after the release of the RBA minutes.
• Minutes out on Tuesday showed that the RBA was ready to consider pausing its rate hikes in April.
• The is pair heading towards the lower 23.6%fib, as near term direction of the pair is likely to be driven by current price action.
• Technical are bullish, daily RSI is positive at 66, daily momentum studies 9 and 10 DMAs are trending up.
• Immediate resistance is located at 1.6212 (23.6%fib ), any close above will push the pair towards 1.6274(Higher BB).
• Strong support is seen at 1.6040 (38.2%fib ), and break below could take the pair towards 1.6013(14DMA).
Recommendation: Good to buy on around 1.6130, with stop loss of 1.6000 and target price of 1.6200
