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FxWirePro: EUR/AUD poised for further gains to revisit a key fibonacci level

• EUR/AUD remained steady on Wednesday following data that showed Euro zone business activity grew in August.

• HCOB's composite Purchasing Managers' Index for the region registered at 51.0, slightly below the preliminary estimate of 51.2.

• Traders are now looking forward to Australia's second-quarter GDP data on Wednesday   for new insights into the future direction of monetary policy.

• Technical signals are bullish as RSI  is bullish at 51, daily momentum studies  5, 9 and 1 DMAs are trending up 

• Immediate resistance is located at 1.6513 (38.2%fib), any close above will push the pair towards 1.6600(Psychological level)

• Support is seen at 1.6418(38.2 %fib ) and break below could take the pair towards 1.6335(50 %fib).

Recommendation: Good to buy  around 1.6480 , with stop loss of 1.6400 and target price of 1.6560
 

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