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FxWirePro: EUR/AUD steadies around 1.6150, retains bid tone

• EUR/AUD strengthened   on Monday  as lower commodities prices and  escalating  Russia/Ukraine war weighed on Australian dollar.

• Oil prices fell more than $2 per barrel after reports that Israel and Lebanon had agreed to the a deal to end the Israel-Hezbollah conflict,

•   Australia is set to release its monthly inflation data on Wednesday, with forecasts predicting a rise to 2.3% in October, up from 2.1%. However, the results are expected to have little impact on rate expectations.

• Rally towards is  1.6250 possible if  EUR/AUD bulls overcome resistance at 50%%fib.

• Immediate resistance is located at 1.6194(SMA9), any close above will push the pair towards 1.6216(50%fib).

• Strong support is seen at 1.6123 (38.2%fib) and break below could take the pair towards 1.606 (23.6%fib).

Recommendation: Good to buy around 1.6120 with stop loss of 1.6050 and target price of 1.6240

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