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FxWirePro: EUR/AUD steadies around 1.6730, retains bid tone

• EUR/AUD initially dipped on Monday but it regained some ground as traders digested Friday’s jobs report, with attention turning to U.S. inflation data.

• U.S. consumer price index (CPI) data due on Thursday will be in focus to assess whether more rate hikes are needed to tame inflation.

• EUR/AUD  is focus is on 23.6%fib  resistance , a break above will accelerate further uptrend.

• From a technical viewpoint, RSI  is strongly bullish at 60, daily momentum studies, 5, 10 and 11 daily  MAs are pointing higher.

• Immediate resistance is located at 1.6813(23.6%fib), any close above will push the pair towards 1.6843 (Higher BB).

• Immediate support is seen at 1.6709 (5DMA) and break below could take the pair towards 1.6660(38.2%fib).

Recommendation: Good to buy on dips around 1.6710, with stop loss of 1.6600 and target price of 1.6770
 

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