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

• EUR/AUD initial gained on Tuesday as the market awaited catalysts to resolve questions over European politics.

• The market remains focused on the first round of French parliamentary elections and a key U.S. inflation report due later this week.

• Pair traded in 1.6077/1.6141 range and was last trading at 1.6117 in  the US afternoon.

• Technical are bearish, daily RSI is negative at 37, daily momentum studies 5,8  and 11 DMAs are trending down. 

• Immediate resistance is located at 1.6179 (38.2 % fib), any close above will push the pair towards 1.6260 (50 % fib).

• Immediate support is seen at 1.6084(23.6 % fib) and break below could take the pair towards 1.6039(Lower BB).

Recommendation: Good to sell  around 1.6130, with stop loss of 1.6230,  and target price of 1.6070
 

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