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FxWirePro: EUR/AUD runs out of steam but maintains bullish outlook

• EUR/AUD declined on Monday but  encouraging comments from central bank head Christine Lagarde losses limited .

• EUR/AUD dips  but found buyers at 1.5782 (5DMA), recovery lifts the pair above  1.5800. A break and daily close above 1.5815 (38.2%fib) will accelerate further gains.

•  Market focus is on business activity data for the entire Eurozone, which will be released later this week to understand whether the recent surge in inflation will continue. 

• Immediate resistance is located at 1.5815 (38.2%fib), any close above will push the pair towards 1.5858 (Higher BB)

• Support support is seen at 1.5782 (5DMA) and break below could take the pair towards 1.5746 (50%fib).

Recommendation: Good to buy  around 1.5780, with stop loss of 1.5700 and target price of 1.5860.
 

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