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FxWirePro: EUR/AUD consolidating around 1.5625, bias is bullish

• EUR/AUD  initially dipped on Tuesday but recovered some ground as    improved risk sentiment supported the pair.

• Equity gains & softer dollar helped EUR/AUD turn positive. A break and daily close above will accelerate further gains towards 1.6700 level.

• Technical signals show the pair could gain more ground in the short-term as RSI is at 71 bullish, daily momentum studies  5, 9 and 11 DMAs are trending  up.

• Immediate resistance is located at 1.5633 (38.2%fib), any close above will push the pair towards 1.5735(23.6%fib).

• Strong support is seen at 1.5561(50%fib) and break below could take the pair towards 1.5524 (9DMA )

Recommendation: Good to buy around 1.5610 with stop loss of 1.5550 and target price of 1.5700

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