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FxWirePro: EUR/AUD claws back some ground but trend is still bullish

• EUR/AUD declined  on Monday as stronger Australian dollar and concerns over Omicron coronavirus variant weighed on the pair.

• EUR/AUD failed to close above 50%fib resistance ,bullish need break of resistance at 1.6036 (38.22%fib) area to gain control.

• Technical   are bullish RSI is bearish, daily momentum studies  9 , 11 and 14 DMAs are trending up.

• Immediate resistance is located at 1.6036 (38.22%fib), any close above will push the pair towards 1.6150(23.6%fib).

• Strong support is seen 1.5934 (50%fib) and break below could take the pair towards 1.5912 (5DMA)

Recommendation: Good to buyaround 1.5980, with stop loss of 1.5880 and target price of 1.6100

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