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FxWirePro: EUR/AUD outlook weaker on renewed downside pressure

• EUR/AUD declined on Monday  as   Australian dollar was buoyed by coking coal's surge on China's Dalian Commodity Exchange.

• Reserve Bank of Australia (RBA) Governor Michele Bullock's recent hawkish statements also  bolstered  the Australian currency.  

•The pair is approaching 38.2%fib,a daily close below   will accelerate towards 1.6500 level in the short term.

 • From a technical viewpoint, the moving averages are pointing downwards, while the RSI  is   bearish at 45.

• Immediate resistance is located at 1.6661(50%fib), any close above will push the pair towards 1.6675( 5DMA).

• Strong support is seen at 1.6561 (38.2%fib) and break below could take the pair towards 1.6507 (Oct 5th low).

Recommendation: Good to sell around 1.6600, with stop loss of 1.6750 and target price of 1.6520.

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