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FxWirePro: EUR/AUD attracts buying interest, 23.6% fibonacci eyed

• EUR/AUD rose higher on Tuesday as weaker Australian dollar and hawkish expectation ECB will raise interest rate on Thursday boosted the pair.

• The European Central Bank is widely expected to lift rates sharply when it meets later this week.

• EUR/AUD bulls confidence is running high, a rise towards 1.4750 level is likely.

• From a technical viewpoint, RSI  is strongly bullish at 56, daily momentum studies, 5, 10 and 21 daily  MAs all climb.

• Immediate resistance is located at 1.4755 (23.6%fib), any close above will push the pair towards 1.4909  (Higher BB).

• Immediate support is seen at 1.4657 (38.2%fib)and break below could take the pair towards 1.4609 (9DMA).

Recommendation: Good to buy on dips around 1.4690, with stop loss of 1.4580 and target price of 1.4750
 

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