•EUR/AUD declined on Tuesday as increased risk appetite and commodity gains helped Australian dollar as banking fears receded.
•EUR/AUD range trading persists, bears struggle to break below 1.6139(38.2%fib )
•Technical signals are bearish as RSI is heading down at 63, daily momentum studies 5, 9 and 11 DMAs are trending up.
•Immediate resistance is located at 1.6188 ( 5DMA), any close above will push the pair towards 1.6266(23.6%fib)
• Support is seen at 1.6139(38.2%fib ) and break below could take the pair towards 1.6038(50%fib).
Recommendation: Good to buy around 1.6150, with stop loss of 1.6050 and target price of 1.6220
