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FxWirePro:EUR/AUD rally capped by 38.2%fib resistance ,good to sell on rally

• EUR/AUD declined on Friday as higher oil  and iron ore prices boosted Australian dollar against euro.

• EUR/AUD  has failed to sustain momentum after failing  to break resistance at 1.5283 (38.2%fib).

• The is pair heading towards the lower 38.2%fib, as near term direction of the pair is likely to be driven by current price action.  . 

• Immediate resistance is located at 1.5283(38.2%fib ), any close above will push the pair towards 1.5354(June 23rd high).

• Strong support is seen at 1.5133 (38.2%fib ), and break below could take the pair towards 1.5091(11DMA).

Recommendation: Good to sell on  around 1.5190, with stop loss of 1.5290 and target price of 1.5110

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