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FxWirePro: EUR/AUD rebounds, critical resistance lies ahead

• EUR/AUD strengthened  on Thursday as   surprisingly soft set of Australian jobs numbers added to bearish pressure on Australian dollar.

• Australia’s jobs figures were far weaker than forecast with employment falling 46,300 when a rise of 50,000 was expected, and the jobless rate jumping to 5.2%.

• The pair is currently approaching resistance at 1.5745( 38.2%fib), A clear break above 1.5745 targets eventual test 23.6% fib resistance.

• From a technical viewpoint, RSI  is strongly bullish at 53, daily momentum studies, 5, 10 and 11 daily  MAs are pointing higher.

• Immediate resistance is located at 1.5745 (38.2%fib), any close above will push the pair towards 1.5841(23.6%fib).

• Immediate support is seen at 1.5671 (50%fib) and break below could take the pair towards 1.5593 (61.8%fib).

Recommendation: Good to buy on dips around 1.5700, with stop loss of 1.5600 and target price of 1.5760.
 

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