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FxWirePro:EUR/AUD regains upward momentum after early fall, good to buy on dips

• EUR/AUD rebounded strongly  after initial fall on Tuesday as traders positioned themselves ahead of the release of the minutes from the U.S. Federal Reserve .

• EUR/AUD price action resulted in sharp pullback flashing warning signs for shorts.The pair climbed back above the 38.2%fib, a daily bull hammer has  formed .

• Technical signals show the pair could gain more ground in the short-term as RSI is at 52  bullish, daily momentum studies  5, and 9 DMAs are trending  up.

• Immediate resistance is located at 1.5754 (38.2%fib), any close above will push the pair towards 1.5787 (50%fib).

• Strong support is seen at 1.5715 (23.6%fib) and break below could take the pair towards 1.5693 (Ichimoku Cloud top )

Recommendation: Good to buy around 1.5750, with stop loss of 1.7410 and target price of 1.5815

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