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

• EUR/AUD initially gained on Monday  but it came off its highs as investors were cautious on Russia-Ukraine tensions and fears of Fed tightening.

• Fed meeting & Ukraine tensions remain key risks for investors. If the uncertain coronavirus outlook is unchanged, range trading is viable.

• Technical signals are bullish as RSI is at 56, momentum studies, 5, 10 & 21 DMAs are trending up. 

•  Immediate resistance is located at 1.5872 ( 23.6%fib), any close above will push the pair towards 1.5919 (Higher BB)

• Strong support is seen at 1.5799 (38.2 %fib ) and break below could take the pair towards 1.5770 (5DMA).

Recommendation: Good to buy on dips around 1.5840  with stop loss of 1.5750  and target price of 1.5910 .

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