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FxWirePro: EUR/AUD neutral in the near-term, scope for downward resumption

• EUR/AUD initially gained but gave up ground  as    the euro zone prepared for European Central Bank interest rate  decision .
•Investors expect the European Central Bank on Thursday to cut the benchmark rate by 25 basis points to 3.75%.

• On the data front,HCOB's final euro zone manufacturing Purchasing Managers' Index (PMI), compiled by S&P Global, rose to 47.3 in May from April's 45.7 .

• Technical signals are bearish as RSI is lower  at 44, daily momentum studies  5, 9 and 10 DMAs are trending south.

•   Immediate resistance is located at 1.6338( 38.2%fib), any close above will push the pair towards 1.6391( Higher BB)

•  Strong support is seen at 1.6264(23.6%  fib) and break below could take the pair towards 1.6223 (Lower BB).

  Recommendation: Good to sell around 1.6310, with stop loss of 1.6450and target price of 1.6230.

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