FxWirePro: EUR/AUD rebounds, critical resistance lies ahead
• EUR/AUD rose on Friday as a slide in global stock markets undermined risk assets like Australian dollar.
• EUR/AUD bulls confidence is running high, a rise towards 1.5900 is highly likely.
• From a technical viewpoint, RSI is strongly bullish at 56, daily momentum studies, 5, 10 and 11 daily MAs are pointing higher.
• Immediate resistance is located at 1.5833 (23.6%fib), any close above will push the pair towards 1.5860 (Higher BB).
• Immediate support is seen at 1.5757 (38.2%fib) and break below could take the pair towards 1.5694 (50%fib).
Recommendation: Good to buy on dips around 1.5780, with stop loss of 1.5700 and target price of 1.5860.