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FxWirePro: EUR/AUD set for increasing upside potential, 1.5900 beckons

•EUR/AUD gained on Monday as investors focused  on monetary policy tightening.

•EUR/AUD bulls   confidence is running high, a test of the 1.5883 (23.6%fib) highly seem s 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 1.5855 (Higher BB), any close above will push the pair towards 1.5883 (23.6%fib).

• Immediate support is seen at 1.5788 (38.2% fib) and break below could take the pair towards 1.5765 (5DMA).

Recommendation: Good to buy on dips around 1.5800, with stop loss of 1.5700 and target price of 1.5900.
 

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