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FxWirePro : EUR/AUD loses momentum but outlook is bullish

• EUR/AUD initially gained  but retreated slightly  on Friday as traders assessed the progress of U.S. debt ceiling negotiations.

• In an up-and-down session, the pair hit high at 1.6523 in early trading then retreated  towards 1.6445.

• Technical signals show the pair could gain more ground in the short-term as RSI is at 55 bullish, daily momentum studies  5, 10 and 21 DMAs are trending  up.

•   Immediate resistance is located at 1.6517 (Daily high), any close above will push the pair towards 1.6593 (23.6% fib).

• Strong support is seen at 1.6395 (38.2% fib) and break below could take the pair towards 1.6376 (5DMA )

Recommendation: Good to buy around 1.6440, with stop loss of 1.6350 and target price of 1.6500

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