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FxWirePro: EUR/AUD consolidating around 1.5760, room for further gains

• EUR/AUD rally extended towards 1.5760 on Thursday  as Australian dollar weakend as markets narrowed the odds on an early hike in U.S. interest rates.

• Risk-sensitive currencies like Aussie dollar weakened against euro as worries about faster policy tightening by the Federal Reserve dented market sentiment.

• EUR/AUD bulls   confidence is running high, a test of the  1.5892 (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 1.5820 (38.2%fib), any close above will push the pair towards 1.5865 (Higher BB).

• Immediate support is seen at 1.5756 (50% fib) and break below could take the pair towards 1.5702 (61.8%fib).

Recommendation: Good to buy on dips around 1.5750, with stop loss of 1.5680 and target price of 1.5870.
 

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