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FxWirePro:EUR/AUD longs hold higher ground as ECB eyes rate hikes

• EUR/AUD strengthened on Monday as  increasingly hawkish ECB and upbeat German Ifo data boosted euro .

• German business morale rose unexpectedly in May thanks to a pick up in the services sector in Europe's largest economy that helped offset the impact of high inflation. 

• EUR/AUD bulls have tightened their grip on this market, A break, daily close above 38.2%fib will accelerate towards 1.5200.

• Technical signals are bearish as RSI is at 57, daily momentum studies  5, 9 and 10 DMAs are trending up.

 •Immediate resistance is located at 1.5091 ( 38.2%fib), any close above will push the pair towards 1.5188(11 May high)

• Support is seen at 1.5030(9 DMA ) and break below could take the pair towards 1.4959 (21DMA.

  Recommendation: Good to buy around 1.5040, with stop loss of 1.4900, and target price of 1.5110

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