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FxWirePro: EUR/AUD bulls back away from 1.5620 as focus shifts to US CPI

• EUR/AUD  initially gained  on Wednesday   but gave up some ground as investors geared up for  US inflation data on Thursday.

• Pair gained up to  1.5620 then slid  near 1.5565 as investors lacked conviction ahead of key US inflation data.

•  EUR/AUD  bulls must regain above 11DMA to stem the bearish tide and a rise above bigger resistance  ar38.2%  fib  to regain upward momentum.

• Technical signals are bearish as RSI is turning lower at 46, daily momentum studies  5, 9 and 10 DMAs are trending down.

•   Immediate resistance is located at 1.5616( 11DMA), any close above will push the pair towards 1.5673(38.2%  fib)

•  Strong support is seen at 1.5509(50% fib) and break below could take the pair towards 1.5438 (Lower BB).

  Recommendation: Good to sell around 1.5570, with stop loss of 1.5680 and target price of 1.5490.

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