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FxWirePro:EUR/AUD steadies above 1.6300, retains bid tone

• 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
 

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