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FxWirePro: EUR/AUD gains some upside momentum but still bearish

• EUR/AUD gained on Friday  after an above-forecast U.S. non-farm payrolls report , but the move higher lacked momentum as investors  were concerned about Eurozone inflation  .

• The pair inability to hold gains above 1.4936, 50% fib, may increases the likelihood of a drop towards 1.4750 level.

• Technical signals are bearish as RSI is bullish  at 45, daily momentum studies  5 and 11 DMAs are trending down. 

• Immediate resistance is located at 1.4880( 5DMA), any close above will push the pair towards 1.4936 (50%  fib)

• Immediate support is seen at 1.4782 (38.2%  fib) and break below could take the pair towards 1.4714(May 3rd low).

Recommendation: Good to sell on  around 1.4870, with stop loss of 1.4950 and target price of 1.4780

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