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FxWirePro: EUR/AUD caught in narrow range in run up to Fed decision

• EUR/AUD initially gained on Wednesday but gave up some ground  ahead of Fed event risk.

• Pair traded in a quiet 1.6490/1.6591  range and was last trading at 1.6533 into the US afternoon.

• Technical signals are bullish as RSI is at 59, daily momentum studies  10,11 and 14 DMAs are trending up.

• Immediate resistance is located at 1.6568 ( 5DMA), any close above will push the pair towards 1.6679 (23.6% fib)

• Immediate support is seen at 1.6469(38.2% fib ) and break below could take the pair towards 1.6361 (April 2nd low).

Recommendation: Be on sidelines.

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