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FxWirePro: EUR/AUD capped by the 50.0% fibonacci, good to sell on rally

• EUR/AUD strengthened Tuesday   as data revealed that the Eurozone narrowly averted a technical recession in the fourth quarter. 

• Gross domestic product (GDP) in Eurozone nations was flat in the fourth quarter compared to the previous three months, owing to robust growth in Portugal and Spain and a minor increase in Italy .

• A close below 1.6339 support  will add to sterling's bearish structure  opening the way towards  1.6250 level

• Technical lean bearish  as  RSI is   lower at 49, momentum studies, 5, and 9 DMAs falling southwards. 

•  Immediate resistance is located at 1.6461( 50% fib), any close above will push the pair towards 1.6603 (61.8% fib)

• Strong  support is seen at 1.6339(38.2% fib) and break below could take the pair towards 1.6259(Lower BB).

  Recommendation: Good to sell   around 1.6450, with stop loss of 1.6550 and target price of 1.6350
 

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