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FxWirePro: EUR/AUD bulls prepare to target key fibonacci resistance

• EUR/AUD advanced  above 1.6500 level on Monday after data showed HCOB's final euro zone manufacturing PMI index rose in  October.

• Eurozone manufacturing displayed signs of stabilization in October, as activity contracted for the 28th consecutive month but at a slower pace.

• HCOB's final euro zone manufacturing Purchasing Managers' Index (PMI), compiled by S&P Global, rose to 46.0 in October.

• Technical signals are bullish as RSI  is at 63, daily momentum studies  5, 9 and 1 DMAs are trending up 

•  Immediate resistance is located at 1.6571 (23.6%fib), any close above will push the pair towards 1.6600(Psychological level)

• Support is seen at 1.6460(38.2 %fib ) and break below could take the pair towards 1.6433(SMA).

Recommendation: Good to buy  around 1.6490 , with stop loss of 1.6400 and target price of 1.6560.
 

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