• 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.
