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EURUAD recently reversed up with the daily Hammer from the combined support area lying between the key support level 1.60850 (monthly low from last February), lower daily Bollinger Band and the support trendline of the daily down channel from April. Given the strength of the aforementioned support area and the moderately bearish Australian dollar sentiment seen today – EURUAD is likely to extend the gains toward the next resistance level 1.64700 (former support from the end of May).
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