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FxWirePro:EUR/AUD rebounds, critical resistance lies ahead

• EUR/AUD rose on Thursday as Australian dollar dipped despite solid Australian jobs data.

• Thursday's data from the Australian Bureau of Statistics (ABS) showed 29,000 net new jobs were created in June, in-line with forecasts for a 30,000 gain and on top of 115,100 in May.

• The Australian dollar dipped against euro, having failed to get any lift from another set of surprisingly upbeat jobs figures.

• EUR/AUD bulls  confidence is running high, a test of the 1.5944 (Higher BB) highly seem s likely.

• From a technical viewpoint, RSI  is strongly bullish at 57, daily momentum studies, 5, 10 and 11 daily  MAs are pointing higher.

• Immediate resistance is located at 1.5887 (38.2%fib), any close above will push the pair towards 1.5944(Higher BB).

• Immediate support is seen at 1.5844 (5DMA) and break below could take the pair towards 1.5817 (38.2%fib).

Recommendation: Good to buy on dips around 1.5860, with stop loss of 1.5790 and target price of 1.5910.

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