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FxWirePro: EUR/AUD bulls take advantage of downbeat Aussie CPI data, eyes 1.6750 level

• EUR/AUD strengthened on Wednesday  as risk-sensitive  Australian dollar   was negatively impacted  by  below-forecast Aussie CPI data.

• According to data released by the Australian Bureau of Statistics on Wednesday, the monthly Consumer Price Index (CPI) in Australia recorded an annual increase of 3.4% in January, maintaining the same level as December.

• A close above 23.8% fib resistance will likely trigger a new bullish phase with potential for 1.6750 level.

• From a technical viewpoint, RSI  is strongly bullish at 64, daily momentum studies, 5, 9 and 11 are trending up.

• Immediate resistance is located at 1.6687(23.6%fib), any close above will push the pair towards 1.6767(21st Nov 2023 high).

• Immediate support is seen at 1.6589 (38.2% fib) and break below could take the pair towards 1.6505(50%fib).

Recommendation: Good to buy on dips around 1.6680, with stop loss of 1.6600,  and target price of 1.6750
 

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