• EUR/AUD rose higher on Thursday as rising COVID-19 cases Australia and weaker oil prices weighed on Australian dollar.
• The pair rallies above 1.6300,lift stops short of key 1.6356 (23.6%fib ) resistance zone.
• Technical signals indicate bullish movementum, as RSI is at 72, daily momentum studies 5, 9 and 11 DMAs are trending up.
• Immediate resistance is located at 1.6356 (23.6%fib ), any close above will push the pair towards 1.6400 (Dec 7th 2020 High).
• Strong support is seen at 1.6251 (38.2% fib) and break below could take the pair towards 1.6206 (5DMA ).
Recommendation: Good to buy around 1.6300, with stop loss of 1.6205 and target price of 1.6380
