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FxWirePro: EUR/AUD uptrend gains momentum after shockingly hot US Jobs data, scope for further upside

• EUR/AUD rose on Friday after U.S. employment data  came in so much stronger than expected.

• Nonfarm payrolls increased by 353,000 jobs last month, the largest gain in a year. The economy added 126,000 more jobs in November and December than previously reported.

• EUR/AUD bulls   confidence is running high, a break and close above 1.6600 (23.6%fib) resistance   is likely.

• From a technical viewpoint, RSI  is strongly bullish at 58, daily momentum studies, 5, 10 and 11 daily  MAs are pointing higher.

• Immediate resistance is located at 1.6600(23.6%fib), any close above will push the pair towards 1.6633(Higher BB).

• Immediate support is seen at 1.6489(38.2%fib) and break below could take the pair towards 1.6445  (Feb 1st low ).

Recommendation: Good to buy on dips around 1.6550, with stop loss of 1.6450 and target price of 1.6640
 

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