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FxWirePro:EUR/AUD loses momentum but outlook is bullish

•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
 

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