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FxWirePro: EUR/AUD loses momentum but outlook is bullish

• EUR/AUD eased  on Monday  as investors focused on future European Central Bank rate hikes.

• Expectations for monetary policy moves recently rose as banking crisis fears faded.  

• At GMT 17:04, the pair was trading down 0.46 percent  at 1.6032 after daily high at
1.6418

• From a technical are mixed , as RSI  is ttrending down, daily momentum studies, 11, 14 and 21 are ttrending up.

• Immediate resistance is located at 1.6418 (23.6%fib), any close above will push the pair towards 1.6440 (Higher BB).

• Immediate support is seen at 1.6302 (11DMA) and break below could take the pair towards 1.63206 (11DMA).

Recommendation: Good to buy on dips around 1.6280, with stop loss of 1.6160 and target price of 1.6380
 

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