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

• EUR/AUD after initially gaining  on Monday   the pair gave  up some ground as investors focus shifted to U.S. November CPI and the Fed meeting.

• November headline   US   inflation  data  is expected to be lower than October, which would reinforce views inflation is moderating.

• Technical signals show the pair could gain more ground in the short-term as RSI is at 64 bullish, daily momentum studies  5, 9 and 11 DMAs are trending  up. 

• Immediate resistance is located at 1.5670 (23.6%fib), any close above will push the pair towards 1.5750 (Higher BB).

• Strong support is seen at 1.5586(5DMA) and break below could take the pair towards 1.5480(38.2%fib ).

Recommendation: Good to buy around 1.5600 with stop loss of 1.5500 and target price of 1.5660
 

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