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FxWirePro: EUR/AUD set for increasing upside potential, 1.5800 beckons

• EUR/AUD returned to positive territory on Tuesday after German investor morale rose unexpectedly in November.

• The ZEW economic research institute said its economic sentiment index increased to 31.7 from 22.3 points in October. 

• EUR/AUD bulls   confidence is running high, a test of the  1.5841 (23.6%fib)highly seems likely.

• From a technical viewpoint, RSI  is strongly bullish at 55, daily momentum studies, 5, 10 and 21 daily  MAs all climb.

• Immediate resistance is located at 1.5747 (38.2%fib), any close above will push the pair towards 1.5841 (23.6%fib).

• Immediate support is seen at 1.5675 (50%fib) and break below could take the pair towards 1.5599 (61.8%fib).

Recommendation: Good to buy on dips around 1.5700, with stop loss of 1.5600 and target price of 1.5800.

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