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FxWirePro:EUR/AUD attracts selling interest, could be on verge of a bigger drop

• EUR/AUD declined on Tuesday as worries over the impact of economic lockdowns and uncertainty over U.S. stimulus weiged on the pair.

• EUR/AUD traded as high as 1.6264 before tumbling to as low as 1.6133. At GMT 18:18, the pair was trading down 0.57 percent   at 1.6171.

•  Technical signals are bearish as RSI is heading down  at 39, daily momentum studies  11, 14 and 21 DMAs are trending down. 

• On the upside, Immediate resistance is located at 1.6232 ( 14 DMA), any close above will push the pair towards 1.6346(38.2%fib)

• On the downside, support is seen at 1.6139 (23.6 %fib ) and break below could take the pair towards 1.6024 (Lower BB).

Recommendation: Good to sell   around 1.6200, with stop loss of 1.6300 and target price of 1.6080.

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