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FxWirePro: EUR/AUD upside limited, scope for a dive through key fibo support

• EUR/AUD initial gained Wednesday  but gave up ground as Eurozone gas supply issues continued to weigh  on euro.

• Euro is under pressure since Monday on the back of latest natural gas supply-related headlines out of Russian gas supplies through the main Nord Stream 1 pipeline.

• Technical are bearish, daily RSI is negative at 40, daily momentum studies 5,8  and 11 DMAs are trending down. 

• Immediate resistance is located at 1.4642(5 DMA), any close above will push the pair towards 1.6925 (July 25th high).

• Immediate support is seen at 1.4352 (23.6 % fib) and break below could take the pair towards 1.4321 (Lower BB).

Recommendation: Good to sell  around 1.4430, with stop loss of 1.4550 and target price of 1.4300.

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