FxWirePro: EUR/AUD claws back some ground but trend is still bullish
• EUR/AUD declined on Monday as stronger Australian dollar and concerns over Omicron coronavirus variant weighed on the pair.
• EUR/AUD failed to close above 50%fib resistance ,bullish need break of resistance at 1.6036 (38.22%fib) area to gain control.
• Technical are bullish RSI is bearish, daily momentum studies 9 , 11 and 14 DMAs are trending up.
• Immediate resistance is located at 1.6036 (38.22%fib), any close above will push the pair towards 1.6150(23.6%fib).
• Strong support is seen 1.5934 (50%fib) and break below could take the pair towards 1.5912 (5DMA)
Recommendation: Good to buyaround 1.5980, with stop loss of 1.5880 and target price of 1.6100