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

• EUR/AUD steadied  on Tuesday as  disappointing Chinese data, lower equity and copper prices weighed on Australian dollar.

• China's April industrial output and retail sales growth undershot forecasts, suggesting the economy lost momentum at the beginning of the second quarter.

•  At GMT 16:58, the pair was trading up 0.64 percent  at 1.6327 .

• From a technical viewpoint, RSI  is strongly bullish at 51, daily momentum studies, 5, 10 and 21 daily  MAs all climb.

• Immediate resistance is located at 1.6321 (Daily high), any close above will push the pair towards 1.6395 (38.2%fib).

• Immediate support is seen at 1.6269 (5DMA)and break below could take the pair towards 1.6179 (38.2%fib).

Recommendation: Good to buy on dips around 1.6300, with stop loss of 1.6200 and target price of 1.6380
 

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