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FxWirePro: EUR/AUD bearish again as upside bias reverses

• EUR/AUD dipped  on Wednesday   as investors assessed prospects of a Middle East peace deal and the fallout from the conflict on the global economy.

• Investors continued to monitor headlines for signs of progress in U.S. negotiations with Iran to end the war. 

• U.S. President Donald Trump said on Wednesday that negotiations with Iran were in the final stages, while warning of further attacks unless Iran agrees to a deal.

• Oil prices inched lower on the day but markets were still wary of the fallout elevated crude prices will have on the global economy

•  Immediate resistance is located at 1.6275(SMA20), any close above will push the pair towards 1.6373(38.2%fib)

• Support is seen at 1.6118(23.6%fib) and break below could take the pair towards 1.6092(Lower BB).
Recommendation: Good to sell   around 1.6260, with stop loss of 1.6360 and target price of 1.6200
 

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