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FxWirePro:EUR/AUD consolidating around 1.4730, bias is bullish

• EUR/AUD initially dipped on Monday but recovered some ground  as euro was buoyed by the ECB calls for rates to potentially rise above 2% if necessary to arrest runaway price growth.

• EUR/AUD fell as low as 1.4686 before buyers returned  . A close above 38.2%fib resistance  will shift momentum towards 1.4850 level.

• Technical signals are bearish as RSI is at 55, daily momentum studies  10,11 and 14 DMAs are trending up.

•  Immediate resistance is located at 1.4740 ( 38.2%fib), any close above will push the pair towards 1.4852 (23.6%fib)

• Strong support is seen at 1.4657 (50% fib ) and break below could take the pair towards 1.4627 (14DMA).

Recommendation: Good to buy around 1.4710, with stop loss of 1.4600 and target price of 1.4800.

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