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FxWirePro: EUR/AUD bulls undeterred, eyes 1.5350 level

• EUR/AUD rose  on Wednesday as Australian  dollar weighed down by lower commodity prices.

• Oil, copper, iron-ore fell on Wednesday  on worries  that global growth is slowing

• The pair currently is approaching resistance at 38.2%fib. A break above   would unmask 1.5400 level in the short term.

• Technical signals are bearish as RSI is at 63, daily momentum studies  5, 9 and 10 DMAs are trending up. 

• Immediate resistance is located at 1.5266 ( 38.2%fib), any close above will push the pair towards 1.5335 (15th March)

• Support is seen at 1.5188(15th March low ) and break below could take the pair towards 1.5090(50%fib).

 Recommendation: Good to buy around 1.5250, with stop loss of 1.5100 and target price of 1.5350.
 

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