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FxWirePro:EUR/AUD changes short term trend from neutral to bearish

• EUR/AUD edged lower on Friday as failures to sustain breaks above 1.5669 (23.6%fib)    disappointed bulls.

• At GMT 16:00, the pair was trading 0.06% lower at 1.5611. The cross pairs bearish bias is set to strengthen, likely to drop towards 1.5550

• Technical signals are mixed  as RSI is turning lower, daily momentum studies  5,9,11 DMA’s, are trending up. 

• Immediate resistance is located at 1.5645 (Higher BB ), any close above will push the pair towards 1.5669 (23.6%fib).

• Strong support is seen at 1.5589 (38.2%fib) and break below could take the pair towards 1.5568 (5DMA).

Recommendation: Good to sell around 1.5620 with stop loss of 1.5700 and target price of 1.5550.

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