FxWirePro: EUR/AUD Trade Idea

FxWirePro Currency Strength Index for EUR/AUD: Bias Bearish
FxWirePro's Hourly EUR Spot Index was at -26.306 (Neutral)
FxWirePro's Hourly AUD Spot Index was at 97.2781 (Bullish)

Technical Analysis: Bias Bearish
- Price has broken below 21-EMA support
- Momentum highly bearish.
- RSI below 50 levels and biased lower
- MACD supports downtrend and slip below zero levels will add to further bearish bias
- Bearish divergence on RSI and Stochs

Fundamental Factors:
- Aussie buoyed on Australia Financial Stability Report
- Euro slumped across the board as ECB minutes and poor data weighed.
- German CPI data inline with expectations.

Support levels - 1.5832 (50-DMA), 1.5633 (100-DMA), 1.5586 (23.6% Fib)

Resistance levels - 1.5928 (21-EMA), 1.6061 (April 9 high), 1.61 

Recommendation: Good to go short on rallies around 1.5850/60, SL: 1.5930, TP: 1.58/ 1.57/ 1.5633/ 1.56

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