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FxWirePro: EUR/AUD capped by 50% fibonacci, good to sell on rally

• EUR/AUD initially gained on Monday  but gave up  some of the ground   as recession fears in Eurozone deepened after warnings about a possible cut in Russian gas supplies.. 

• EUR/AUD  gained towards 1.4978 but retreated on fears  maintenance shutdown of single pipeline carrying Russian gas to Germany, Nord Stream 1, might be extended due the war in Ukraine .

• Bearish momentum is likely to pick below 1.5000 level, break & sustained close  below the 1.4814 (38.2% fib)   puts the1.4750 level in play.

• Immediate resistance is located at 1.4987 (50% fib ), any close above will push the pair towards 1.5035(9DMA).

•Immediate support is seen at 1.4814 (38.2% fib) and break below could take the pair towards 1.4747 (Lower BB).

Recommendation: Good to sell   around 1.4910, with stop loss of 1.5030 and target price of 1.4750.

 

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