• EUR/AUD initially gained on Monday but gave up ground as market awaited fresh catalyst for further direction.
• German inflation and sentiment data due out on Tuesday will draw attention, as will the official US consumer price index data on Wednesday.
• Technical signals show the pair could lose gain more ground in the short-term as RSI is at 53 bullish, daily momentum studies 9, 10 and 11 DMAs are trending up.
• Immediate resistance is located at 1.6523 ( 23.6%fib), any close above will push the pair towards 1.6475 (Higher BB)
•Support is seen at 1.6385 (9DMA ) and break below could take the pair towards 1.6335 (50%fib).
Recommendation: Good to buy around 1.6460, with stop loss of 1.6370 and target price of 1.6550
