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FxWirePro:EUR/AUD downtrend extends ,eyes 23.6% fib support

• EUR/AUD declined on Monday as   renewed concerns about China's property sector and looming U.S. labour data weighed on the pair.

• Investors are concerned that a collapse at Evergrande could hurt an already fragile Chinese economy and drag on global growth.

• The pair is likely  to see more downside ,drop  below has heighted  chance of test of 1.5894 (23.6%fib).

• Technical signals are bearish as RSI is heading down  at 40, daily momentum studies  5, 9 and 11 DMAs are trending down. 

• Immediate resistance is located at 1.5878 (38.2%fib), any close above will push the pair towards 1.6040 (5 DMA)

• Immediate support is seen at 1.5598 (38.2%fib) and break below could take the pair towards 1.5894 (23.6%fib).

Recommendation: Good to sell on rally around 1.5890, with stop loss of 1.6100 and target price of  1.5800

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