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FxWirePro: EUR/AUD hits 1-week high on shockingly hot US Jobs data, scope for further upside

• EUR/AUD rose on Friday after U.S. employment and ISM services came in so much stronger than expected.

• Nonfarm payrolls surge  by 517k was more than double the 185k estimate of analyst expectations.

• EUR/AUD bulls   confidence is running high, a break and close above 1.5598(38.2%fib) resistance   is likely.

• From a technical viewpoint, RSI  is strongly bullish at 55, daily momentum studies, 5, 10 and 11 daily  MAs are pointing higher.

• Immediate resistance is located at 1.5598(38.2%fib), any close above will push the pair towards 1.5676(23.6%fib).

• Immediate support is seen at 1.5532 (50%fib) and break below could take the pair towards 1.5466 (50%fib).

Recommendation: Good to buy on dips around 1.5570, with stop loss of 1.5480 and target price of 1.5630.
 

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