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FxWirePro:EUR/AUD loses momentum but outlook is bullish

• EUR/AUD  initially gained on Wednesday  but some of  early gains evaporated   as talk of a European third wave and extensions of pandemic lockdowns in Germany and France kept gains in check.

• EUR/AUD  pulled back from 1.5615, but losses were limited by demand near the 61.8%fib retracement. 

• EUR/AUD  remains bullish , only a close back below  61.8%fib at 1.5482 , could upset the bullish order.

• Immediate resistance is located at 1.5615 (50%fib ), any close above will push the pair towards 1.5694 (Feb 26th high).

• Strong support is seen at 1.5505 (Daily low) and break below could take the pair towards 1.5482 (61.8%fib).

Recommendation: Good to buy  around 1.5550, with stop loss of 1.5470and target price of 1.5620
 

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