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FxWirePro: EUR/AUD consolidating around 1.6775, bias is bullsih

• EUR/AUD strengthened   on Thursday  as Australian dollar weakened despite strong jobs data on the back of falling commodities and lower global growth expectations despite .

• Figures from the Australian Bureau of Statistics on Thursday showed net employment rose 55,000 in October from September, more than double market forecasts of 20,000.

• The pair is currently approaching resistance at 23.6%fib. A break and daily close above will accelerate further gains towards 1.6850 level.

• Technical signals show the pair could gain more ground in the short-term as RSI is at 55 bullish, daily momentum studies  5, 9 and 11 DMAs are trending  up.

• Immediate resistance is located at 1.6809 (23.6%fib), any close above will push the pair towards 1.6849 (Nov 14th high).

• Strong support is seen at 1.6711 (38.2% fib) and break below could take the pair towards 1.6690(5DMA)

Recommendation: Good to buy around 1.6770 with stop loss of 1.6589 and target price of 1.6850

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