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• EUR/AUD dipped on Monday as investors braced for a week full of important economic data
• Several important economic releases are expected later in the week, and traders will be closely monitoring them for signs that could influence expectations regarding European Central Bank (ECB) monetary policy decisions.
• Friday's data releases will include surveys of business activity in Germany and France. Before then, markets will be watching out for economic sentiment in Germany.
• Money market bets on an ECB rate cut by December eased slightly after having risen to a roughly 40% probability after Friday's U.S. inflation data.
• Immediate resistance is located at 1.6827(Daily high), any close above will push the pair towards 1.6920 (38.2% fib)
• Support is seen at 1.6650 (23.6% fib ) and break below could take the pair towards 1.6589(Lower BB).
Recommendation: Good to sell around 1.6800 with stop loss of 1.6900 and target price of 1.6720
