FxWirePro: EUR/AUD downtrend loses steam, outlook still bullish

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FxWirePro: EUR/AUD downtrend loses steam, outlook still bullish

Thursday, January 13, 2022 7:02 PM UTC

• EUR/AUD declined on Thursday as riskier currencies like Australian dollar was boosted by weaker dollar and higher commodity prices.

• The Aussie dollar got an added lift from rising commodity prices as the weaker U.S. currency combined with supply disruptions to push copper and nickel to decade peaks.

• EUR/AUD techs highlight upside risks. EUR/USD trades above rising daily RSIs imply upside momentum.

• Immediate resistance is located at 1.5761 (38.2%fib ), any close above will push the pair towards 1.5859(23.6%fib).

• Strong support is seen at 1.5680 (50%fib) and break below could take the pair towards 1.5602 (61.8% fib).

Recommendation: Good to buy on dips around 1.5700, with stop loss of 1.5600 and target price of 1.5800.

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