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FxWirePro: EUR/AUD bullish outlook with scope to target 1.5650

• EUR/AUD strengthened on Tuesday as euro was aided by  above-forecast euro zone PMI data.

• At GMT 20:14, the pair was trading up 0.17 percent  at 1.5572 after reaching daily low at 1.9144.

• The pair currently is approaching support at 1.5605( 38.2%fib). A break under 1.5605 would unmask 1.5700 level in the short term.

• Technical signals are bullish as RSI is rising, daily momentum studies  5, 9 and 10 DMAs are trending up. 

• Immediate resistance is located at 1.5605( 38.2%fib), any close above will push the pair towards 1.5728(50%fib)

• Support is seen at 1.5551 (21DMA ) and break below could take the pair towards 1.5495 (23.6%fib).

  Recommendation: Good to buy around 1.5550, with stop loss of 1.5500 and target price of 1.5670.
 

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