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FxWirePro: EUR/AUD chart very bearish, looks on course for 1.6100

• EUR/AUD declined  on Friday as strong commodity bounce helped Australian dollar  outperform euro 

• EUR/AUD  drops from 1.6365 to hit daily low at 1.6199. Break lower at 1.6199 support  risks run towards  1.6100.

• Technical lean bearish, RSI is   lower at 43 daily momentum studies  9, 11 and 14 DMA’s are trending down. 

• Immediate resistance is located at 1.6366 (5DMA), any close above will push the pair towards 1.6415(23.6%fib).

• Support is seen at 1.6199 (38.2%fib) and break below could take the pair towards 1.6125 (Lower BB).

Recommendation: Good to sell around 1.6210 with stop loss of 1.6300  and target price of 1.6100
 

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