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FxWirePro: EUR/AUD uptrend gains some momentum but hurdles ahead

• EUR/AUD strengthened  on Thursday  as currency pair  attracted buying interest ahead of crucial global economic data and the first round of French elections.

• All eyes are now on a key U.S. inflation reading on Friday, which could play a role in gauging the Federal Reserve's rate outlook.

• The first round of French parliamentary elections over the weekend will also be on investors' radar.  

• From a technical viewpoint, RSI  is strongly bearish at 38, daily momentum studies, 5, 10 and 11 DMA’s are trending down

• Immediate resistance is located at 1.6148(38.2%fib), any close above will push the pair towards 1.6213(50%fib).

• Strong support is seen at 1.6041(23.6% fib) and break below could take the pair towards 1.5993 (Lower BB).

Recommendation: Good to sell  around 1.6110, with stop loss of 1.6200 and target price of 1.6030
 

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