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FxWirePro: EUR/AUD remains bullish as rally continues

• EUR/AUD strengthened on Friday as weaker global growth and COVID-19 lockdowns in China weighed on commodity linked Australian dollar.

• The is pair heading towards the 50%fib, as near term direction of the pair is likely to be driven by current price action. 

• Technical signals are bullish as RSI is at 56, daily momentum studies  5,9 and 10 DMAs are trending up.

•  Immediate resistance is located at 1.5049 ( 50%fib), any close above will push the pair towards 1.5116 (Ichimoku Cloud Top)

• Strong  support is seen at 1.4830 (38.2%fib) and break below could take the pair towards 1.4587 (5DMA).

Recommendation: Good to buy  around 1.4900, with stop loss of 1.4800 and target price of 1.4980.

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