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FxWirePro: EUR/AUD strongly bearish despite upside attempts

• EUR/AUD recovered on Friday  as risk aversion and falling metals , and equities weighed on the Australian dollar.

• Stocks fell   as uncertainty over the Iran war continued to disrupt energy supplies, heightening concerns over fuel prices and interest rates.

•  The price of oil crossed $100 per barrel even as an Indian tanker sailed out of the Strait of Hormuz and the U.S. put forth measures to try to ease supply concerns.

• Gold   was 1.27% lower at $5,014 per ounce on Friday, capping a drop on the week.

• Technical signals are bearish as RSI is at 36, momentum studies  11,14  and 21 DMAs are trending down. 

• Strong  resistance is located at 1.6494 (38.2%fib), any close above will push the pair towards 1.6537(SMA 20)

• Immediate support is seen at 1.6114(23.6% fib) and break below could take the pair towards 1.6063(Lower BB).

  Recommendation: Good to sell   around 1.6450, with stop loss of 1.6550 and target price of 1.6350

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