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FxWirePro: EUR/AUD regains upwards momentum on massive EU stimulus plan,good to buy on dips
• EUR/AUD rose sharply on Wednesday as the pair was lifted by EU recovery fund proposals.
• The pair reaches 1.6701 after extending north from 1.6453 (Daily low). 1.6701 is the highest level since 25th May.
•EUR/AUD remains bullish, as it’s now back above 1.6631 key support level with today’s sharp rise , only a break and daily close below 1.6631 will shift bias to the downside.
• Technical signals are bullish as RSI is turning up sharply , daily momentum studies 5, 10. 11 DMA, are trending up.
• On the upside, Immediate resistance is located at 1.6740 ( Higher BB), any close above will push the pair towards 1.7565 (38.2 % fib)
• On the downside, support is seen at 1.6631 (5 DMA ) and break below could take the pair towards 1.6471 (Lower BB ).
Recommendation: Good to buy around 1.6650, with stop loss of 1.6600 and target price of 1.6780.