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FxWirePro:EUR/AUD consolidating around 1.5640, bias is neutral

• EUR/AUD gained on Monday   as risk-on sentiment drove the pair higher.

• A rally towards bigger resistance in the 1.0340/70 zone is possible should EUR/USD bulls overcome resistance.

• Technical signals show the pair could gain more ground in the short-term as RSI is at 72 bullish, daily momentum studies 9, 10 and 11 DMAs are trending up.

• Immediate resistance is located at 1.5650 (38.2%fib), any close above will push the pair towards 1.5736 (23.6%fib).

• Strong  support is seen at 1.5582 (5DMA) and break below could take the pair towards 1.5565 (50%fib).

Recommendation: Good to buy on dips around 1.5620, with stop loss of 1.5550 and target price of 1.5720.
 

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