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FxWirePro: EUR/AUD edges lower after early gains fizzles out

• EUR/AUD initially gained  on Wednesday but gains faded as the pair was weighed down by stronger Australian dollar  .

• Australian dollar strengthened as  gains in commodity  prices give an added boost to Australian dollar buying.

• Technical signals show   RSI is at 58  , daily momentum studies 9, 10 and 11 DMAs are trending upwards

• Immediate resistance is located at 1.5588 (9DMA), any close above will push the pair towards 1.5676(23.6% fib).

• Immediate support is seen at 1.5426(38.2% fib) and break below could take the pair towards 1.5291(Oct 10th low).

Recommendation: Good to buy around 1.5520, with stop loss of 1.4540 and target price of 1.5580
 

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