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FxWirePro: EUR/AUD consolidating around 1.4900, bias is bullish


• EUR/AUD strengthened on Monday investors prepared for another large U.S. Federal Reserve rate hike and several other central bank meetings this week.

• European Central Bank chief economist Philip Lane added to the hawkish sentiment by saying it could raise interest rates next year.

• The pair hit daily high at 1.4962 and was last trading at 1.4902.

• From a technical viewpoint, RSI  is bullish at 61 daily momentum studies, 5, 10 and 11 are trending up.

• Immediate resistance is located at 1.4977 (23.6%fib), any close above will push the pair towards 1.5011(Higher BB).

• Immediate support is seen at 1.4867(38.2%fib)and break below could take the pair towards 1.4812(9DMA).

Recommendation: Good to buy   around 1.4900, with stop loss of 1.4800 and target price of 1.4970
 

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