FxWirePro:EUR/AUD trends higher, room for further gains

• EUR/AUD strengthened on Thursday as euro was buoyed by above estimate German July CPI/HICP data.

•Germany’s annual consumer price inflation accelerated by more than expected in July, rising further above the European Central Bank’s target.

• EUR/AUD climbs above 1.6050 and holds near the day's high late US session. 

• Technical signals are bulllish as RSI is  trending higher at 64, daily momentum studies  5, 9 and 10 DMAs are trending up. 

• Immediate resistance is located at 1.6113 ( 23.6%fib), any close above will push the pair towards 1.6147 (Higher BB).

• Support is seen at 1.6042 (5 DMA ) and break below could take the pair towards 1.6029 (38.2%  fib).

Recommendation: Good to buy   around 1.6050, with stop loss of 1.5950 and target price of 1.6110.