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

• EUR/AUD initially gained on Monday   but gave up most of the ground as a dearth of economic data and a holiday in parts of Europe kept investors cautious.

• At GMT 18:48, the pair was trading up 0.04 percent   at 1.5746.

•  Technical signals are bullish as RSI is heading down  at 64, daily momentum studies  5, 9 and 11 DMAs are trending up. 

•  Immediate resistance is located at 1.5818 ( Higher BB), any close above will push the pair towards 1.5841 (23.6%fib)

• Strong support is seen at 1.5724 (38.2 %fib ) and break below could take the pair towards 1.5676 (9DMA).

Recommendation: Good to buy around 1.5730, with stop loss of 1.5670 and target price of 1.5820.
 

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