FxWirePro: EUR/AUD maintains bullish bias with focus on 1.6650 level

• EUR/AUD strengthened on Friday as Australian dollar extended weakness against euro after another upside surprise on U.S. inflation dimmed the prospects of early rate cuts by RBA.

• At GMT 17:53, the pair was trading up 0.40 percent  at 1.6598 ,highest level since  March 7th.

• Australian dollar is  likely to remain pressured ahead of RBA and Fed decisions next week. 

• From a technical viewpoint, RSI  is strongly bullish at 55, daily momentum studies, 5, 10 and 11 DMA’s are trending up.

• Immediate resistance is located at 1.6629(23.6% fib), any close above will push the pair towards 1.6723(Higher BB).

• Strong support is seen at 1.6517(38.2% fib) and break below could take the pair towards 1.6411 (50% fib).

Recommendation: Good to buy  around 1.6590, with stop loss of 1.6400 and target price of 1.6650