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

• EUR/AUD initially gained on Friday but gave up ground as investors appeared unwilling to take a risk on bullish signs as long as the Russia-Ukraine conflict remained a threat. 

• Recent recovery attempt has been short- lived  as Investors kept their focus on Ukraine.

• Technicals continue to highlight downside risks  as RSI is heading down  at 28, daily momentum studies  5, 9 and 11 DMAs are trending down. 

•  Immediate resistance is located at 1.5088 ( 50% fib), any close above will push the pair towards 1.5221(11DMA)

• Support is seen at 1.4907(38.2%fib ) and break below could take the pair towards 1.4694(23.6%fib).

Recommendation: Good to sell on rally around 1.5020, with stop loss of 1.5100 and target price of 1.4900.
 

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