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FxWirePro: EUR/AUD chart points to eventual slump to a major fibo

• EUR/AUD declined on Wednesday as global growth fears, rising inflation and on-going Ukraine crisis weighed on euro.

• Major support is at 1.4692, close and break below will accelerate downtrend towards 1.4500 level.

• Technical signals show the pair could lose more ground in the short-term as RSI is at 49 bearish, daily momentum studies 9, 10 and 11 DMAs are trending down.

• Immediate resistance is located at 1.4875(5 DMA), any close above will push the pair towards 1.4940(38.2% fib)

• Strong upport is seen at 1.4692(23.6% fib) and break below could take the pair towards 1.4701 (23.6% fib).

Recommendation: Good to sell around 1.4820, with stop loss of 1.5100 and target price of 1.4760.

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