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FxWirePro:EUR/AUD dips below lower range, bearish bias increases

• EUR/AUD declined on Thursday   as surging energy prices gave   a lift to Australian dollar.

• The Aussie was finding an upside in the global explosion of energy prices given Australia is a net exporter of energy and the world's leading exporter of liquefied natural gas (LNG)..

• At GMT 20:24, the pair was trading down 0.55 percent   at  1.5795.

• Technical signals are bearish as RSI is heading down  at 32, daily momentum studies  5, 9 and 11 DMAs are trending down. 

•  Immediate resistance is located at 1.5824( 38.2% fib), any close above will push the pair towards 1.5893 (50%fib)

• Strong support is seen at 1.5917 (Lower BB ) and break below could take the pair towards 1.5720(23.6% fib).

Recommendation: Good to sell around 1.5800, with stop loss of 1.5900 and target price of 1.5710.
 

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