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FxWirePro:EUR/AUD trends higher, may see acceleration towards 1.5900

• EUR/AUD rose higher on Tuesday on as broad based Australian dollar selling drove EUR/AUD higher towards 1.5840. •Australian dollar weakened as lockdown due to rising COVID delta variant cases threatened to derail Austr…

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FxWirePro:EUR/AUD trends higher, may see acceleration towards 1.5900
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• EUR/AUD rose higher on Tuesday on as broad based Australian dollar selling drove EUR/AUD   higher towards 1.5840.

•Australian dollar weakened as lockdown due to rising COVID delta variant cases threatened  to derail  Australian economic recovery.

• At GMT 19:05, the pair was trading up 0.55 percent  at 1.5838,highest since 22nd June .

• Technical signals show the pair could gain more ground in the short-term as RSI is at 60 bullish, daily momentum studies  5, 10 and 21 DMAs are trending  up. 

 • Immediate resistance is located at 1.5846 (Higher BB), any close above will push the pair towards 1.5874(23.6% fib).

• Strong support is seen at 1.5779(38.2% fib) and break below could take the pair towards 1.5747 (21DMA ).

Recommendation: Good to buy around 1.5840, with stop loss of 1.5720  and target price of 1.5930
 

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