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FxWirePro:EUR/AUD falls on disappointing German ZEW data, plunge to test a key fibo grows

• EUR/AUD declined on Tuesday as euro was weighed down after data showed Germany’s ZEW survey of economic sentiment for August missed expectations by a significant margin.

• German ZEW economic  sentiment survey posted big miss at 40.4 vs 56.7 (6.3 prior)

• At GMT 20:01, the pair was trading down 0.29 percent   at 1.5946.

• 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 1.5995( 21 DMA), any close above will push the pair towards 1.6042 (38.2%fib)

• Support is seen at 1.5934 (30DMA ) and break below could take the pair towards 1.5891 (50%fib).

Recommendation: Good to sell around 1.5950, with stop loss of 1.6050 and target price of 1.5880.
 

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