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FxWirePro:EUR/AUD set for increasing upside potential,good to buy on dips

• EUR/AUD rally extended above 1.5700 on Tuesday  as US fiscal stimulus optimism ahead of Yellen testimony supported euro.

• Janet Yellen's confirmation hearing for U.S. Treasury Secretary might give  the opportunity to comment on future policy.

• EUR/AUD bulls  confidence is running high, a test of the  1.5825 (50% fibo) highly seems likely.

• Immediate resistance is located at 1.5775 (38.2%fib), any close above will push the pair towards 1.5780 (14 DMA).

• Immediate support is seen at 1.5669 (23.6% fib) and break below could take the pair towards 1.5532 (Jan 15th low).

Recommendation: Good to buy on dips around 1.5700, with stop loss of 1.5600 and target price of 1.5825.
 

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