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FxWirePro: EUR/AUD stuck in range but maintains bullish bias

• EUR/AUD was little changed  on Wednesday  as investors awaited fresh catalyst for further movement.

• On the data front, higher cost of borrowing  dented  the euro zone economy, with industrial production decreasing by 3.2% in January from the previous month.

• Investors are now looking to Thursday's U.S. retail sales data, the producer prices index (PPI) report, and jobless claims for more evidence on US interest rates this year. 

• From a technical viewpoint, RSI  is strongly bullish at 51, daily momentum studies, 5, 10 and 11 DMA’s are trending up.

• Immediate resistance is located at 1.6562(23.6%fib), any close above will push the pair towards 1.6603(March 7th high).

• Strong support is seen at 1.6454(38.2% fib) and break below could take the pair towards 1.6421 (Lower BB).

Recommendation: Good to buy  around 1.6530, with stop loss of 1.6400 and target price of 1.6620
 

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