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FxWirePro: EUR/AUD rebounds, critical resistance lies ahead

• EUR/AUD initially fell    on Monday   following SVB and Signature bank  collapse but rebounded as converging ECB and Fed rates views lifted the euro.

• EUR/AUD falls sharply   but bids emerged  around  1.5965,  pushing pairs recovery envelop .

• Technical signals are bearish as RSI is at 44.31, daily momentum studies  5, 9 and 10 DMAs are trending down. 

• Immediate resistance is located at 1.6183 ( March 10th high), any close above will push the pair towards 1.6217(23.6% fib)

• Support is seen at 1.6070 (38.2% fib ) and break below could take the pair towards 1.5956 (50% fib).

Recommendation: Good to buy around 1.6100, with stop loss of 1.6000 and target price of 1.6180.
 

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