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FxWirePro: EUR/AUD rises on hawkish lagarde comments, good to buy on dips

• EUR/AUD rallied on Thursday   as euro was boosted after ECB  delivered its fourth straight interest rate hike and said it expected to keep raising rates further.

• At GMT 18:08, the pair was trading 1.92% higher at 1.5863, highest level since 16th Feb 2022 

• EUR/AUD bulls   confidence is running high, a test of 1.5926(23.6% fib) highly seems likely.

• From a technical viewpoint, RSI  is strongly bullish at 65, daily momentum studies, 5, 10 and 21 daily  MAs all climb. 

• Immediate resistance is located at 1.5887(Daily high), any close above will push the pair towards 1.5926(23.6% fib).

• Immediate support is seen at 1.5711 (38.2% fib) and break below could take the pair towards 1.5619 (9DMA).

Recommendation: Good to buy on dips around 1.5840, with stop loss of 1.5760 and target price of 1.5930.

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