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FxWirePro: EUR/AUD maintains bullish bias with focus on 1.6400 level

• EUR/AUD strengthened on Tuesday    as Australian dollar was weighed down by underperformance of Chinese  stocks.

• Risk-sensitive   Australian dollar also was negatively impacted by coking coal falling over 1.5%.

• A close above 138.2% fib resistance will likely trigger a new bullish phase with potential for 1.6400.

• From a technical viewpoint, RSI  is strongly bullish at 52, daily momentum studies, 5, 9 and 11 are trending up.

• Immediate resistance is located at 1.6354 (38.2%fib), any close above will push the pair towards 1.6413(Higher BB).

• Immediate support is seen at 1.6287 (50% fib) and break below could take the pair towards 1.6225(61.8%fib).

Recommendation: Good to buy on dips around 1.6330, with stop loss of 1.6230,  and target price of 1.6400
 

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