• EUR/AUD initially dipped on Wednesday but reversed course ahead of ECB meeting.
• ECB meeting risk prompted short covering on possible hawkish rhetoric,EUR/AUD turns positive on the session, nears 38.2%fib resistance.
• EUR/AUD bulls confidence is running high, a test of the 38.2%fib cannot be ruled out.
• From a technical viewpoint, RSI is turning up, daily momentum studies, 5, 10 and 11 daily MAs are pointing higher.
• Immediate resistance is located at 1.4715(38.2%fib), any close above will push the pair towards 1.4796 (30DMA).
• Immediate support is seen at 1.4472 (23.6%fib) and break below could take the pair towards 1.4362 (Lower BB).
Recommendation: Good to buy on dips around 1.4600, with stop loss of 1.4500 and target price of 1.4710.
