FxWirePro: EUR/AUD slide lower shifts pressure to the downside

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FxWirePro: EUR/AUD slide lower shifts pressure to the downside

Wednesday, January 19, 2022 6:59 PM UTC

• EUR/AUD declined on Wednesday as Aussie outperformed euro as risk sentiment improved.

• EUR/AUD chart has taken a turn for the worse after todays large drop.Overall risk growing for a bigger drop to retest 50%fib.

• Technical lean bearish, RSI is turning sharply lower, momentum studies, 9, 11 DMAs falling southwards.

• Immediate resistance is located at 1.5729 ( 14DMA), any close above will push the pair towards 1.5756 (61.8%fib)

• Strong support is seen at 1.5675 (50%fib ) and break below could take the pair towards 1.5593 (38.2% fib).

Recommendation: Good to sell on rally around 1.5710, with stop loss of 1.5800 and target price of 1.5640.

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