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FxWirePro:EUR/AUD capped by the 38.2%fib, good to sell on rally

• EUR/AUD initially dipped but it regained much of its earlier losses on Wednesday as investors   eagerly awaited PMI data from Eurozone and Germany scheduled for release on Thursday.  .

• Traders are poised to closely watch the HCOB Purchasing Managers Index (PMI) data from both the Eurozone and Germany.

• At GMT 21 :51, the pair was trading up 0.08percent  at 1.6527 after reaching daily low at 1.6458 .

•  Technical signals are bearish as RSI is heading down  at 49, daily momentum studies  5 and 9 DMAs are trending down. 

• Immediate resistance is located at 1.6542(38.2%fib), any close above will push the pair towards 1.6609(Higher BB)

• Strong support is seen at 1.6462 (50 %fib ) and break below could take the pair towards 1.6407(Lower BB).

Recommendation: Good to sell   around 1.6520, with stop loss of 1.6600  and target price of 1.6430

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