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

• EUR/AUD after initially gaining on Thursday the pair  gave up some ground as investors awaited euro zone GDP data on Friday.

•Ahead of ECB’s May 4 policy meeting, a slew of economic data, including first-quarter euro zone GDP growth due on Friday .

• EUR/AUD remains well 5DMA,Daily  close above  1.6786  resistence increase the scope for much bigger gains towards 1.6800 level.

• Technical signals show the pair could gain more ground in the short-term as RSI is at 70 bullish, daily momentum studies  5, 9 and 11 DMAs are trending  up. 

• Immediate resistance is located at 1.6786 (Daily high), any close above will push the pair towards 1.6886(23.6%fib ).

• Strong support is seen at 1.6612(38.2%fib) and break below could take the pair towards 1.6564 (5DMA ).

Recommendation: Good to buy around 1.6620 with stop loss of 1.6510 and target price of 1.6710

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