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FxWirePro: EUR/AUD heads deeper into bear territory, 1.6113 a key barrier

• EUR/AUD declined on Tuesday    as the threat of a far right government in France has pushed investors away from euro.

• For the first time in France's post-war history, the far right could win, opinion polls show, with a left-wing union seen winning the second-biggest group and President Emmanuel Macron's centrist alliance coming third.

• EUR/AUD has seen a 1.6126 -1.6247 range on June, chart points to bigger drop towards 1.6070 level

• Technical signals are bearish as RSI is at 35, daily momentum studies  5, 9 and 10 DMAs are trending down. 

• Immediate resistance is located at 1.6177(38.2% fib), any close above will push the pair towards 1.6237 (50% fib)

• Strong support is seen at 1.6113 (23.6% fib) and break below could take the pair towards 1.6089 (Lower BB).

  Recommendation: Good to sell   around 1.6130, with stop loss of 1.6250 and target price of 1.6030

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