• EUR/AUD retreated from daily high on Tuesday as riskier currencies like asustralian dollar gained after Powell testimony.
• EUR/AUD traded as high as 1.5817 before falling below 1.5800 level.
• Currently, the 1.5730 (50% fib)barrier is restricting lower move, will likely be a speed bump to bears.
• Technical signals are bullish as RSI is at 52, daily momentum studies 5, 9 and 14 DMAs are trending north.
• Immediate resistance is located at 1.5791 (38.2%fib ), any close above will push the pair towards 1.5825(Jan 11th HIgh).
• Strong support is seen at 1.5759 (5DMA) and break below could take the pair towards 1.5730 (50% fib).
Recommendation: Good to buy on dips around 1.5760, with stop loss of 1.5700 and target price of 1.5800.
