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FxWirePro: EUR/AUD regains upward momentum ahead of key resistance

• EUR/AUD rally extended towards 1.6500 on Thursday  as euro was supported by Fed statement reiterating its pledge to use all its tools to help the economy recover from COVID-19 impacts. 

• The Fed highlighted the risks posed by the pandemic to the economic outlook and said the health crisis will weigh heavily on employment, economic activity and inflation .

• Technical signals highlight upside bullish trend as daily  RSI  is at 60, daily momentum studies, 5, 10 and 11 daily and   climb. Bullish trending setup would only be undermined by a close below 1.1627 10 DMA

• Immediate resistance is located at 1.6543(Daily high), any close above will push the pair towards 1.6633 (38.2 % fib).

• Immediate support is seen at 1.6426 (23.6% fib) and break below could take the pair towards 1.6342 (11 DMA).

Recommendation: Good to buy on dips around 1.6500, with stop loss of 1.6360 and target price of 1.6600.
 

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