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FxWirePro: EUR/AUD uptrend gains momentum,good to buy on dips

• EUR/AUD strengthened on Thursday  after German inflation data reignited investor concerns over yet more interest-rates rises.

• Data on Thursday showed German inflation was at its highest in over a quarter of a century in September, driven by soaring energy prices.

• At GMT 17:46, the pair was trading up 1.19 percent  at 1.5102.

• Technical signals are bullish as RSI is at 69, daily momentum studies  5, 9 and 10 DMAs are   trending up.

• Immediate resistance is located at 1.5133 (Daily high), any close above will push the pair towards 1.5133 (23.6%fib).

• Strong support is seen at 1.5030 (38.2%fib) and break below could take the pair towards 1.4947 (50%fib)

Recommendation: Good to buy around 1.5100, with stop loss of 1.5000 and target price of 1.5170

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