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FxWirePro:EUR/AUD neutral in the near-term, scope for downward resumption

• EUR/AUD initially dipped  on Thursday but recovered  towards 1.5572 as the pair was  pulled around by   the market's interpretation of central bank comments and inflation out. 

• The recent dovish shift in ECB policy rhetoric and contrasting hawkish shift in Fed rhetoric is a bearish development for the euro.

• At GMT 18:54, the pair was trading down 0.12 percent   at 1.5760.

• EUR/AUD remains vulnerable, only a break and daily close above 1.5820 (38.2%fib) will shift bias to the upside.

• Immediate resistance is located at 1.5775( Daily high), any close above will push the pair towards 1.5820 (38.2%fib)

• Support is seen at 1.5730 ( 50% fib) and break below could take the pair towards 1.5707(11DMA).

Recommendation: Good to sell around 1.5770, with stop loss of 1.5820  and target price of 1.5700.
 

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