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FxWirePro:EUR/AUD bulls need to hold above key tech level to advance, good to sell on rally

• EUR/AUD recovered some ground on Friday  as profit taking on shorts and signs of a global economic recovery from the coronavirus pandemic supported euro.

• Oversold conditions have eased after recent consolidation. Overnight dips stalled short of 1.5432 (23.6%fib) .

• Despite the strength of the recovery the pair trend is likely to turn lower again. 

• Immediate resistance is located at 1.5497(Ichimoku cloud base), any close above will push the pair towards 1.5597 (38.2%fib).

• Immediate support is seen at 1.5432 (23.6%fib) and break below could take the pair towards 1.5400 (Psychological level).

Recommendation: Good to sell around 1.5500, with stop loss of 1.5600  and target price of 1.5430
 

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