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FxWirePro: EUR/AUD consolidates above 1.5000 after early fall, maintains bullish bias

• EUR/AUD initially declined on Thursday on strong Australian jobs data  but recovered ground  as investors priced in the chance of an aggressive tightening path by the European Central Bank.  

• Money markets are currently pricing in 106 basis points (bps) of ECB rate hikes from around 95 bps.

• Bullish momentum is likely to pick up with a move above 38.2% fib, which would take the pair towards 1.5200 level.

• Immediate resistance is located at 1.5076 (38.2%fib ), any close above will push the pair towards 1.5135(May 13th high).

•Immediate support is seen at 1.4989 (14DMA ) and break below could take the pair towards 1.4913 (50%fib).

Recommendation: Good to buy   around 1.5000, with stop loss of 1.4850  and target price of 1.5100

 

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