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FxWirePro: EUR/AUD poised for further downside after key fibo break

• EUR/AUD declined on Monday  as election in Germany raised concerns that the major central banks might tighten monetary policy sooner rather than later.

• At GMT 21:06, the pair was trading down 0.02 percent   at 1.1695.

•  Technical signals are bearish as RSI is heading down  at 46, daily momentum studies  5, 9 and 1 DMAs are trending down. 

•  Immediate resistance is located at 1.6074 ( 21 DMA), any close above will push the pair towards 1.6094 (50 %fib)

• Support is seen at 1.6014 (38.2 %fib ) and break below could take the pair towards 1.5970 (Sep 10 low).

Recommendation: Good to sell around 1.6050, with stop loss of 1.6120 and target price of 1.5980.
 

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