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FxWirePro: EUR/AUD loses momentum but outlook is bullish

• EUR/AUD initially dipped on Wednesday  but recovered some ground as investors picked   U.S. inflation data for clues about the Federal Reserve's rate hiking path.

• EUR/AUD fall from intra-day high towards 1.5184 , however daily bullish hammer candle forms which   is a sign bulls are in control.

• Technical signals show the pair could gain more ground in the short-term as RSI is at 62 bullish, daily momentum studies  5, 9 and 11 DMAs are trending  up.

•Immediate resistance is located at 1.5192 (Daily high), any close above will push the pair towards 1.5268(23.6%fib).

•Immediate support is seen at 1.5120 (5DMA)and break below could take the pair towards 1.5064 (38.2%fib).

Recommendation: Good to buy on dips around 1.5160, with stop loss of 1.5050  and target price of 1.5260

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