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

• EUR/AUD declined on Wednesday   as riskier assets like Australian dollar rallied as Fed signals rate cuts for 2024.

• With the Fed meeting now concluded, investors’ attention will turn to   European Central Bank and Bank of England meetings on Thursday.

• Bearish signals are increasing today after drop below 5DMA support. Pair is likely to fall towards  1.6200 level.

• 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 1.6365(5DMA), any close above will push the pair towards 1.6389(38.2% fib).

• Support is seen at 1.6290 (23.6%fib) and break below could take the pair towards 1.6200 (Psychologicall level).

  Recommendation: Good to sell on  around 1.6320, with stop loss of 1.6460 and target price of 1.6220.
 

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