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FxWirePro: EUR/AUD maintains bullish bias with focus on 1.6700 level

• EUR/AUD rose past 1.6600 key level  on Wednesday  as soured  risk sentiment,  US dollar gains helped drive Australia dollar  down  across the board.

• Thursday's focal points will include the Australian Unemployment Rate and Employment Change figures for December.

• A daily close above  23.6% fib will further improve the technical outlook, and open the possibility of a rally towards 1.6700 level.

• From a technical viewpoint, RSI  is strongly bullish at 69, daily momentum studies, 5, 10 and 11 daily  MAs are pointing higher.

• Immediate resistance is located at 1.6638(Higher BB), any close above will push the pair towards 1.6667(23.6%fib).

• Immediate support is seen at 1.6570(38.2%fib) and break below could take the pair towards 1.6475 (50%fib).

Recommendation: Good to buy on dips around 1.6610, with stop loss of 1.6500 and target price of 1.6700
 

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