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FxWirePro: EUR/AUD hovers near 2-month high, strongly bullish

• EUR/AUD steadied around 2-months high  on Tuesday   as worries about China's economy and falling commodity prices put pressure on the Australian dollar.

•The euro pair was up 0.2% against the Australian dollar at $1.6409, highest level since 10th June .

• On the data front, investors will focus on preliminary Australian Judo Bank PMI data for July, which will be published on Wednesday.

• Immediate resistance is located at 1.6446(23.6% fib), any close above will push the pair towards 1.6494(Higher BB).

• Strong support is seen at 1.6347(38.2% fib) and break below could take the pair towards 1.6274(50% fib).

Recommendation: Good to buy  around 1.6380, with stop loss of 1.6260 and target price of 1.6460

 

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