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FxWirePro:EUR/AUD set to for bigger drop, but close below key fibo needed

• EUR/AUD declined on Monday as heavily lagging COVID-19 vaccinations efforts in the EU weighed on Euro.

• Recent rejection at 1.5571 (38.2%fib), is a  bearish sign, a break and daily close under the 1.5343 (23.6%fib  would weaken outlook further.

• At GMT 14:03, the pair was trading down 0.27 percent   at  1.5456.

• Technical signals are bearish as RSI is heading down  at 43, daily momentum studies  5, 9 and 11 DMAs are trending down. 

• Immediate resistance is located at 1.5571 ( 38.2% fib), any close above will push the pair towards 1.5671 (50DMA)

• Support is seen at 1.5419 (March 4th low ) and break below could take the pair towards 1.5343 (23.6%fib).

Recommendation: Good to sell on rally around 1.5450 with stop loss of 1.5650 and target price of 1.5350.
 

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