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FxWirePro:EUR/AUD force is with bears as pair hits lowest since Aug 17th

• EUR/AUD declined on Wednesday as Australian dollar was buoyed upbeat GDP data.

• Data showed the Australian economy grew by 0.7% in the June quarter, beating forecasts of a 0.5% increase.

• At GMT 19:37, the pair was trading down 0.37 percent   at  1.6075.

• Technical signals are bearish as RSI is heading down  at 48, daily momentum studies  5, 9 and 11 DMAs are trending down. 

• Immediate resistance is located at 1.6110 ( 21 DMA), any close above will push the pair towards 1.6156 (50%fib)

• Support is seen at 1.6051 (38.2 %fib ) and break below could take the pair towards 1.5928 (23.6 %fib).

Recommendation: Good to sell   around 1.6080, with stop loss of 1.6150 and target price of 1.6000.
 

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