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FxWirePro:EUR/AUD under pressure as key support gives way

• EUR/AUD declined on Tuesday as Australian dollar rose across the board on growing bets that RBA will hike rates.

• Risk-sensitive Australian dollar   also benefitted from gains in commodity and equity prices

• At GMT 18:06, the pair was trading down 0.64 percent   at 1.5557.

• Technical signals are bearish as RSI is heading down  at 27, daily momentum studies  5, 9 and 11 DMAs are trending down. 

• Immediate resistance is located at 1.5582( 23.6%fib), any close above will push the pair towards 1.5681 (38.2%fib)

• Support is seen at 1.5541 (Daily low ) and break below could take the pair towards 1.5490 (Lower BB).

Recommendation: Good to sell around 1.5560, with stop loss of 1.5680 and target price of 1.5480.
 

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