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FxWirePro:EUR/AUD regains upward momentum ahead of key resistance

• EUR/AUD rally extended towards 1.5550 on Tuesday as   brightening outlook for Eurozone inoculation program boosted euro. 

• Euro gains came  after the announcement that the European Union has secured an additional 100 million doses of COVID-19 vaccine by BioNTech and Pfizer.

• The pair has traded a 120 pip range thus far Tuesday, 1.5442-1.5562.Unless there is major news uptrend is set to extend.

• Technical signals highlight upside bullish trend as daily  RSI  is at 55, daily momentum studies, 5, 10 and 11 daily and   climb.  

• Immediate resistance is located at 1.5573(50%fib), any close above will push the pair towards 1.5642 (Higher BB).

• Immediate support is seen at 1.5496 (5DMA) and break below could take the pair towards 1.5427 (38.2%fib).

Recommendation: Good to buy on dips around 1.5540, with stop loss of 1.5430 and target price of 1.5610.
 

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