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FxWirePro: EUR/AUD drifts lower,could be on verge of a bigger drop

• EUR/AUD declined on Monday  as   euro attracted sellers after data showed  Euro zone industry output slumped in March.

• Euro zone industrial production fell by far more than expected in March as output of capital goods plunged.

•The pair is approaching 50%fib,a daily close below   will accelerate towards 1.6100 in the short term.

• Immediate resistance is located at 1.6243( 5DMA), any close above will push the pair towards 1.6348( 38.2%fib).

• Strong support is seen at 1.6178 (50%fib) and break below could take the pair towards 1.6091 (Lower BB).

Recommendation: Good to sell around 1.6220, with stop loss of 1.6320 and target price of 1.6140.

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