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FxWirePro:EUR/AUD bulls need to close above key fibo to avert setback

• EUR/AUD declined on Tuesday as less dovish than expected RBA minutes added to the AUD's shine.

• Highly anticipated minutes from Reserve Bank of Australia’s September monetary policy meeting stopped short of signalling a further cut to the cash rate.

• At GMT 18:05, the pair was trading down 0.28 percent   at  1.6230.

•  Technical signals are bearish as RSI is heading down  at 43, daily momentum studies  5, 9 and 11 DMAs are trending down. 

• On the upside, Immediate resistance is located at 1.6275 ( 50% fib), any close above will push the pair towards 1.6329 (61.8% fib)

• On the downside, support is seen at 1.6213 (38.2% fib ) and break below could take the pair towards 1.6189 (Daily low).

Recommendation: Good to sell   around 1.6230, with stop loss of 1.6330 and target price of 1.6150.
 

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