FxWirePro: EUR/AUD consolidates above 1.5900 , maintains bullish bias

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FxWirePro: EUR/AUD consolidates above 1.5900 , maintains bullish bias

Thursday, December 2, 2021 9:30 PM UTC

• EUR/AUD strengthened on Thursday as Australian dollar dipped as the new Omicron coronavirus variant dampened risk sentiment.

• At GMT 20:24, the pair was trading 0.08% higher at 1.5934, slightly lower from session high at 1.6011.

• Virus may sap Reserve Bank of Australia from shifting to more hawkish rate view on Dec 7

• Technical signals are bullish as RSI is at 65, daily momentum studies 5,9,21 DMA are trending north.

• Immediate resistance is located at 1.5955 (38.2%fib ), any close above will push the pair towards 1.6014 (Higher BB).

• Strong support is seen at 1.5889 (5DMA) and break below could take the pair towards 1.5866 (50%fib).

Recommendation: Good to buy on dips around 1.5900 with stop loss of 1.5800 and target price of 1.5970.

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