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FxWirePro: EUR/AUD intraday upside momentum strong after dovish speech from RBA's lowe

• EUR/AUD strengthened on Tuesday as Australian dollar was weighed down by dovish speech from RBA's lowe.

• Reserve Bank of Australia (RBA) Governor Philip Lowe painted a very dovish policy outlook with no rate rises on the horizon until 2024.

• The pair is approaching resistance at 1.6140( 38.2%fib),a daily close abovewhich will accelerate towards 1.6200 level.

• Technical signals are bullish as RSI is at 55, daily momentum studies  5,9 and 10 DMAs are trending up.

• Immediate resistance is located at 1.6140( 38.2%fib), any close above will push the pair towards 1.6240 (23.6%fib)

• Strong  support is seen at 1.6062 (50%fib ) and break below could take the pair towards 1.5985 (61.8%fib).

Recommendation: Good to buy  around 1.6110, with stop loss of 1.6000 and target price of 1.6200.

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