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FxWirePro: EUR/AUD rebounds back towards 1.6300 as risk slide slows

• EUR/AUD gained on Tuesday as investors took profits from the risk-on mood seen in the markets in the past weeks.

• The pair reaches 1.6340 after extending north from 1.6067 (early Asia low). 1.6324 is the highest level since June 5th.

• The pair has traded a 273 pip range thus far Tuesday, 1.6067 -1.6340.Unless there is major news choppy range trading looks set to extend.

•  Technical signals are mixed as RSI is turning up, daily momentum studies  9, 11 and 21 DMAs are trending down. 

• On the upside, Immediate resistance is located at 1.6340 ( 9 DMA), any close above will push the pair towards 1.6463 (23.6% fib)

• On the downside, support is seen at 1.6226 (5 DMA ) and break below could take the pair towards 1.6069 (Daily low).

Recommendation: Be on sidelines

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