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FxWirePro: EUR/AUD tight ranges prevail as market waits for upcoming Euro Zone data

• EUR/AUD  traded in tight ranges on Monday as traders awaited key data from the Eurozone bloc

• Markets are waiting for inflation data, after comments from Lagarde on  that was on the hawkish side but not more hawkish than expected.

• A daily close above 23.6%fib will further improve the technical outlook, and open the possibility of a rally towards 1.6950 level. 

• Technicals highlight upside risks. The 14- and 21-day moving averages lend support, daily RSI is bullish at 55. 

• Immediate resistance is located at 1.6834( 5DMA), any close above will push the pair towards 1.6935 (23.6%fib)

• Support is seen at 1.6745(38.2% fib ) and break below could take the pair towards 1.6609(50% fib).

  Recommendation: Good to buy around 1.6820, with stop loss of 1.6740 and target price of 1.6900

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