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FxWirePro:EUR/AUD outlook weaker on renewed downside pressure

• EUR/AUD declined on Friday as renewed concerns about the impact of Chinese real estate major Evergrande's debt woes are weighed on the pair.

• The pair, already trading lower on the day, extended its drop to hit 1.5936, lowest since Sep 7th.

• Technical signals show the pair could lose more ground in the short-term as RSI is at 40 bearish, daily momentum studies 9, 10 and 11 DMAs are trending down.

•  Immediate resistance is located at 1.5991 ( 38.2%fib), any close above will push the pair towards 1.6063 (50%fib).

• Immediate support is seen at 1.5936 (Lower BB) and break below could take the pair towards 1.5900 (23.6% fib).

Recommendation: Good to sell   around 1.5940, with stop loss of 1.6000 and target price of 1.5870.

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