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FxWirePro: EUR/AUD maintains bearish bias with focus on 1.6000level


• EUR/AUD slipped lower  on Monday   as recent China’s stimulus measures  and higher iron ore prices boosted Australian dollar.

• Investors are now focused on upcoming Australian economic reports this week, including the latest retail sales, building permits, and trade figure.

• On the data front, The euro zone releases inflation figures this week, along with producer prices and unemployment.

• From a technical viewpoint, RSI  is strongly bearish at 31, daily momentum studies, 11, 14 and 21 daily  MAs are lower  .

• Immediate resistance is located at 1.6215 (38.2% fib), any close above will push the pair towards 1.6248 (Sep 27th high).

• Immediate support is seen at 1.6070(23.6% fib) and break below could take the pair towards 1.5984(Lower BB).

Recommendation: Good to sell around 1.6090 with stop loss of 1.6150 and target price of 1.6000.
 

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