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FxWirePro:EUR/AUD dips stuck in range but maintains bearish bias

• EUR/AUD was little changed  on Wednesday  as  market side-lined ahead of Fed minutes later today.

• Minutes from the Fed's June policy meeting, due later on Wednesday, could shed some light on the timetable for the tapering of its pandemic-induced bond-buying spree.

• At GMT 18:05, the pair was trading up 0.02percent   at  1.5763.

• Technical signals are bearish as RSI is heading down  at 49, daily momentum studies  5, 9 and 11 DMAs are trending down. 

• Immediate resistance is located at 1.5776 ( 50% fib), any close above will push the pair towards 1.5818 (61.8%fib)

• Strong support is seen at 1.5754 (38.2%fib ) and break below could take the pair towards 1.5714(23.6% fib).

Recommendation: Good to sell   around 1.5770, with stop loss of 1.5860 and target price of 1.5700.
 

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