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FxWirePro:EUR/AUD rises to highest level since 26th Feb,bias is bullish

• EUR/AUD rose on Monday   as fears of a new wave of COVID-19 infections in Asia dampened demand for risk-sensitive Australian dollar.

• The pair currently is approaching resistance at 1.5701((23.6% fib). A break above 1.5701 would unmask 1.5800 level in the short term.

• Technical signals are bullish as RSI is at 60, daily momentum studies  5, 9 and 10 DMAs are trending up. 

• Immediate resistance is located at 1.5701 ( 23.6%fib), any close above will push the pair towards 1.5800 (Psychological level)

• Strong support is seen at 1.5620(38.2% fib ) and break below could take the pair towards 1.5595 (5 DMA).

  Recommendation: Good to buy around 1.5650, with stop loss of 1.5555 and target price of 1.5730.
 

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