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FxWirePro:EUR/AUD loses momentum but outlook is bullish

• EUR/AUD initially dipped on Tuesday  but recovered some ground   as markets awaited ECB’s latest policy decision.

•  Markets looked ahead to Thursday's European Central Bank (ECB) policy meeting for directional cues. 

• Technical signals are bullish as RSI is  at 53, daily momentum studies  5, 9 and 10 DMAs are trending up. 

• Immediate resistance is located at 1.5657 ( 23.6%fib), any close above will push the pair towards 1.5786 (Higher BB)

•  Support is seen at 1.5570(5DMA) and break below could take the pair towards 1.5434 (38.2%fib).

Recommendation: Good to buy around 1.5590, with stop loss of 1.5500 and target price of 1.5670
 

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