FxWirePro: EUR/AUD runs out of steam but maintains bullish outlook

• EUR/AUD declined on Monday as commodity linked Australian dollar was supported by gains in iron ore and copper.

• The pair hit daily low at 1.6040, it was last down 0.03% at  1.6058.

• The pair is holding above 50%fib, A close above 1.6127(38.2%fib), will likely trigger a new bullish phase with potential for 1.6200.

 • From a technical viewpoint, the moving averages are pointing downwards, while the RSI  is strongly bullish at 62.

• Immediate resistance is located at 1.6109( Higher BB), any close above will push the pair towards 1.6133 ( 38.2%fib).

• Strong support is seen at 1.6048 (50%fib) and break below could take the pair towards 1.5980 ( 61.8%fib).

Recommendation: Good to buy around 1.6050, with stop loss of 1.5960 and target price of 1.6150.