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FxWirePro: EUR/AUD consolidating around 1.4800, room for further gains

• EUR/AUD rally extended towards 1.4800 on Tuesday  as markets turned their attention to increasingly hawkish ECB rhetoric.

• EUR/AUD rallied  towards   1.4800, buoyed by the ECB calls for rates to potentially rise above 2% if necessary to arrest runaway price growth.

• EUR/AUD bulls   confidence is running high, a test of the  1.4888 (23.6% fibo) highly seems likely.

• From a technical viewpoint, RSI  is strongly bullish at 54, daily momentum studies, 5, 10 and 21 daily  MAs all climb.

• Immediate resistance is located at 1.4888 (23.6%fib), any close above will push the pair towards 1.4931 (Higher BB).

• Immediate support is seen at 1.4790(38.2% fib) and break below could take the pair towards 1.47582 (5DMA).

Recommendation: Good to buy on dips around 1.4790, with stop loss of 1.4650 and target price of 1.4910.
 

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