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FxWirePro:EUR/AUD drifts lower after ECB meeting, could be on the verge of bigger drop

• EUR/AUD declined on Thursday as the pair attracted selling after ECB event .

• European Central Bank raised its recovery outlook and pledged to keep stimulus flowing.

• The pair, already trading lower on the day, extended its drop to hit 1.5695, a  lowest since 8th June, it was   down 0.31% on the day.

• Technical signals show the pair could lose more ground in the short-term as RSI is at 49 bearish, daily momentum studies 5, 9 and 10 DMAs are trending down.

• Immediate resistance is located at 1.5730 ( 50%fib), any close above will push the pair towards 1.5771(61.8%fib).

• Strong support is seen at 1.5693 (38.2%fib) and break below could take the pair towards 1.5666(30 DMA).

Recommendation: Good to sell on rallies around 1.5720, with stop loss of 1.5800 and target price of 1.5660.

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