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FxWirePro: EUR/AUD heads deeper into bear territory, 1.6268 a key barrier

• EUR/AUD declined on Friday  as expectations of a hawkish shift in RBA rate stance and stronger  Higher CNH boosted Australian dollar .

• The pair currently is approaching support at 1.6268(38.2% fib ). A break under   would unmask 1.6200 level in the short term.

• Technical signals are bearish as RSI is at 37, daily momentum studies  5, 9 and 10 DMAs are trending down. 

•  Immediate resistance is located at 1.6351 (50% fib), any close above will push the pair towards 1.6435 (61.8% fib)

• Support is seen at 1.6268(38.2% fib ) and break below could take the pair towards 1.6168 (23.6% fib).

  Recommendation: Good to sell   around 1.6540, with stop loss of  1.6650 and target price of 1.6450.
 

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