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FxWirePro: EUR/AUD rebounds, critical resistance lies ahead

• EUR/AUD rose on Friday as a slide in global stock markets undermined risk assets like Australian dollar.

• EUR/AUD bulls   confidence is running high, a rise towards 1.5900 is highly likely.

• From a technical viewpoint, RSI  is strongly bullish at 56, daily momentum studies, 5, 10 and 11 daily  MAs are pointing higher.

• Immediate resistance is located at 1.5833 (23.6%fib), any close above will push the pair towards 1.5860 (Higher BB).

• Immediate support is seen at 1.5757 (38.2%fib) and break below could take the pair towards 1.5694 (50%fib).

Recommendation: Good to buy on dips around 1.5780, with stop loss of 1.5700 and target price of 1.5860.

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