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FxWirePro: EUR/AUD bullish outlook with scope to target 1.6400 level

• EUR/AUD strengthened  on Wednesdays  as the pair remained bid as  investors awaited Eurozone PMI  e data, which could facilitate a resumption of the recent rally.

• EUR/AUD traded as high as 1.6371  before retreating slightly to trade at 1.6347  .

• EUR/AUD focus is on.2%fib resistance, a break above will accelerate further gains.

•Technical signals are bullish as RSI is at 52, daily momentum studies  5, 9 and 14 DMAs are trending north. 

•    Immediate resistance is located at 1.6426 (38.2%fib ), any close above will push the pair towards 1.6422 (23.6%fib).

•    Strong support is seen at 1.6309 (38.2% fib) and break below could take the pair towards 1.6260 (50% fib).

Recommendation: Good to buy around 1.6330, with stop loss of 1.6230 and target price of 1.6400
 

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