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FxWirePro: EUR/AUD consolidating around 1.5980 ,bias is bullish

• EUR/AUD declined on Wednesday as euro attracted sellers amid the growing European financial turmoil.

• Credit Suisse shares fell 24% and there were growing calls for the Swiss National Bank to step in and at least verbally support the bank..

• A rally towards bigger resistance (1.6087) zone is possible if EUR/AUD bulls overcome resistance at 1.6057(38.2% fib). 

• Technical signals are bullishas RSI is    at 61, daily momentum studies  9, 11 and 14 DMAs are trending up. 

•  Immediate resistance is located at 1.6057(38.2% fib), any close above will push the pair towards 1.6087 (Daily high)

• Support is seen at 1.5965(5DMA) and break below could take the pair towards 1.5931(50% fib).

Recommendation: Good to buy around 1.5970, with stop loss of 1.5860 and target price of 1.6080
 

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