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FxWirePro : EUR/AUD bulls begin to probe key resistance zone,bears keep the advantage

• EUR/AUD gained on Wednesday, but surge in COVID infections put the brakes on a recent recovery. 

• Pair climbs above 1.6282  and holds near the day's high late in US session.

• EUR/AUD outlook remains bleak, despite recent recovery attempts. Only a break and close above 30 DMA at 1.6319, will shift the bias higher

• Technicals are favouring bearish sentiment  as RSI is at 43 and the pair is trading below   11 & 21-DMAs.

• On the upside, Immediate resistance is located at 1.6278 ( 23.6% fib), any close above will push the pair towards 1.6319 (30 DMA).

• On the downside, support is seen at 1.6200 (Psychological level) and break below could take the pair towards 1.6167 (Lower BB).

Recommendation: Good to sell on rallies around 1.6260 with stop loss of 1.6350  and target price of 1.6100.


 

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