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FxWirePro: EUR/AUD neutral in the near-term, scope for downward resumption

• EUR/AUD recovered some ground from initial decline on Friday as the pair was aided by profit-taking on shorts.

• EUR/USD rally sellers likely as inverted hammer candle reinforces bearish  signals.

• Bulls will need a clear 1.5952 ( 50% fib)to take greater control, failure to break higher will spur fresh downward momentum.

• Technical signals are bearish  as falling daily  RSIs  imply downside momentum remains in place.

• Immediate resistance is located at 1.5871 (38.2%fib), any close above will push the pair towards 1.5952 ( 50% fib).

• Immediate support is seen at 1.5775 (23.6%fib) and break below could take the pair towards 1.5747 (Lower BB).

 Recommendation: Good to sell around 1.5850, with stop loss of 1.5930 and target price of 1.5800.

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