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FxWirePro:EUR/AUD dips below lower range, bearish bias increases

• EUR/AUD declined on Thursday  as higher commodity prices  and strong Australian jobs data boosted Australian dollar

• Australian employment raced ahead in December as the jobless rate fell to its lowest point since 2008.

• At GMT 17:24, the pair was trading down 0.76 percent   at  1.5600.

•  Technical signals are bearish as RSI is heading down  at 41, daily momentum studies  5, 9 and 11 DMAs are trending down. 

• Immediate resistance is located at 1.5679( 50% fib), any close above will push the pair towards 1.5726 (30 DMA)

• Strong support is seen at 1.5587(38.2%fib ) and break below could take the pair towards 1.5522 (Lower BB).

Recommendation: Good to sell on rally around 1.5600, with stop loss of 1.5700 and target price of 1.5500.


 

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