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FxWirePro: EUR/NZD runs out of steam but maintains bullish outlook

• EUR/AUD dipped  on Tuesday  as   extreme positioning and overbought conditions encouraged profit-taking.

• Profit-taking has pushed EUR/AUD   near the 9-day moving average, and a close below should accelerate the correction further lower.

• At GMT 17:20, the pair was trading 0.80% lower at 1.6467 , slightly lower from daily high at 1.6554.

• Technical pair is still trending higher with 5, 10 and 21-day MAs in bullish alignment

• On the upside, Immediate resistance is located at 1.6535 ( 50% fib), any close above will push the pair towards 1.6582 (Higher BB).

• On the downside, support is seen at 1.6430 (11 DMA) and break below could take the pair towards 1.6338 (61.8%fib).

Recommendation: Good to buy around 1.6430 with stop loss of 1.6333 and target price of 1.6600.

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