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FxWirePro:EUR/AUD uptrend stalled, progress needed soon to sustain

• EUR/AUD initially dipped but recovered some ground on Monday  as markets focused on European Central Bank tools to fight fragmentation in the currency bloc.

• The euro recovered  despite French President Emmanuel Macron losing an absolute majority in the country's parliamentary election.

• At GMT 17:11, the pair was last trading at 1.5110 after reaching daily low at 1.8165.

• Technical signals are bullish as RSI is at 56, momentum studies, 5, 9 & 11 DMAs are trending up. 

• Immediate resistance is located at 1.5190 ( Higher BB), any close above will push the pair towards 1.5247 (23.6%fib)

• Strong support is seen at 1.5034 (38.2 %fib ) and break below could take the pair towards 1.4963 (11DMA).

Recommendation: Good to buy on dips around 1.5100  with stop loss of 1.4955  and target price of 1.5180 .
 

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