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FxWirePro: EUR/AUD changes short term trend from neutral to bearish

• EUR/AUD  declined   on Tuesday as the pair was dragged r  by as political uncertainties in France.

• Leaders from the left-wing bloc that came first in the election and the runner-up centrists have engaged in a race to be first to cobble together a viable government, lawmakers and other sources told.

• EUR/AUD  drops swiftly from 1.6087   to  hit daily low at 1.6038   . Break lower at  23.6%fib  support risks run towards 1.6036.

•  Technical lean bearish, RSI is   lower at 47 daily momentum studies  9, 11 and 14 DMA’s are trending down. 

•   Immediate resistance is located at 1.6086 (Daily high), any close above will push the pair towards 1.6131(50%fib).

• Support is seen at 1.6031(23.6%fib) and break below could take the pair towards 1.6016 (Lower BB).

Recommendation: Good to sell around 1.6060   with stop loss of  1.6140     and target price of  1.5950
 

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