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FxWirePro: EUR/AUD uptrend loses steam, remains on bullish path

• EUR/AUD edged lower on Friday   as investors digested a week defined by central bank decisions led by the Fed’s rate cut.

• Sentiment toward the euro was also dampened by labor strikes in France and concerns over potential future Russian LNG supply disruptions.

• European Union finance ministers on Friday agreed on a roadmap to launch a digital euro, aiming to offer an alternative to the dominant U.S.-based Visa and Mastercard networks.

• Immediate resistance is located at 1.7931(Sep 1st high), any close above will push the pair towards 1.8000(Psychological level).

• Immediate support is seen at 1.7806(SMA 20) and break below could take the pair towards 1.7699(50% fib).

Recommendation: Good to buy on dips around 1.7780, with stop loss of 1.7670 and target price of 1.7860
 

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