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FxWirePro: EUR/AUD dips below lower range, bearish bias increases

• EUR/AUD declined sharply on Thursday as stronger Australian dollar and  dovish ECB expectations weighed on Euro

• The European Central Bank (ECB) will set  interest rates next Thursday and is highly expected to maintain the existing record high rate of 4%.

• Bearish signals are increasing today after drop below (38.2% fib) support. Pair is like fall towards  

• Technical signals are bearish as RSI is at 38, daily momentum studies  5, 9 and 10 DMAs are trending down. 

• Immediate resistance is located at 1.6367(38.2% fib), any close above will push the pair towards 1.6443(50% fib)

• Support is seen at 1.6321 (Sep 29th low ) and break below could take the pair towards 1.6273 (23.6%fib).

  Recommendation: Good to sell on  around 1.6370, with stop loss of 1.6460 and target price of 1.6280.

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