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FxWirePro:EUR/AUD uptrend gains some momentum, as positive sentiment builds

• EUR/AUD gained  towards 1.6577 on Wednesday  as  Australian dollar dipped   after Australian Feb CPI came in softer than expected.

• The three-month annualised pace of CPI inflation slowed to 2.4%, putting it within the Reserve Bank of Australia's (RBA) target band of 2% to 3% . The monthly consumer price index (CPI) for February rose 0.2% from January,.

• At GMT 17:26, the pair was trading up 0.03 percent  at 1.6577 ,recovering from daily low (1.6564) .

• From a technical viewpoint, RSI  is strongly bullish at 52, daily momentum studies, 5, 10 and 21 daily  MA’s  are trending up.

• Immediate resistance is located at 1.6618 (38.2%fib), any close above will push the pair towards 1.6653 (March 20th high).

• Immediate support is seen at 1.6568 (Daily low) and break below could take the pair towards 1.6525 (38.2%fib).

Recommendation: Good to buy on dips around 1.6570, with stop loss of 1.6500 and target price of 1.6670.
 

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