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FxWirePro:EUR/AUD falls below 1.6500, bears keep the advantage

• EUR/AUD dipped on Friday as equity , gold gains gave risk sensitive Australian dollar  a boost against euro.

• Economic data for the Eurozone  remains sparse until the release of next week's Purchasing Manager's Index (PMI) figures.

• EUR/AUD remains well below 38.2 %fib resistance ,Daily  close below  1.6478 (23.6 %fib ) support will  increase the scope for much bigger drop

•  Technical signals are bearish as RSI is heading down  at 49, daily momentum studies  5, 9 and 1 DMAs are trending down. 

• Immediate resistance is located at 1.6543(Daily high), any close above will push the pair towards 1.6572(38.2%fib)

• Strong support is seen at 1.6478 (50 %fib ) and break below could take the pair towards 1.6438 (Feb 1st low).

Recommendation: Good to sell   around 1.6500, with stop loss of 1.6600  and target price of 1.6430
 

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