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FxWirePro:EUR/AUD starts the new month on a strong note, good to buy on dips

• EUR/AUD gained on Tuesday as euro was supported on the back of robust China data and U.S. stimulus hopes.

• EUR/AUD bulls  confidence is running high, a test of the 1.6698 (38.2%fib) highly seems likely.

• From a technical viewpoint, RSI  is strongly bullish at 54.33, daily momentum studies, 5, 10 and 11 daily  MAs are pointing higher.

• Immediate resistance is located at 1.6376 (100 DMA), any close above will push the pair towards 1.6449 (38.2%fib).

• Immediate support is seen at 1.6223 (5DMA) and break below could take the pair towards 1.6113 (23.6%fib).

Recommendation: Good to buy on dips around 1.6300, with stop loss of 1.6200 and target price of 1.6420.
 

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