• EUR/AUD initially dipped but recovered some ground on Monday as markets focused on European Central Bank tools to fight fragmentation in the currency bloc.
• The euro recovered despite French President Emmanuel Macron losing an absolute majority in the country's parliamentary election.
• At GMT 17:11, the pair was last trading at 1.5110 after reaching daily low at 1.8165.
• Technical signals are bullish as RSI is at 56, momentum studies, 5, 9 & 11 DMAs are trending up.
• Immediate resistance is located at 1.5190 ( Higher BB), any close above will push the pair towards 1.5247 (23.6%fib)
• Strong support is seen at 1.5034 (38.2 %fib ) and break below could take the pair towards 1.4963 (11DMA).
Recommendation: Good to buy on dips around 1.5100 with stop loss of 1.4955 and target price of 1.5180 .
