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FxWirePro:EUR/AUD poised for further downside after key fibo break

• EUR/AUD declined on Friday   as concerns over soaring commodity prices and uncertainty surrounding the war in Ukraine weighed on the pair.

• Investors were concerned  as Eurozone faced multi-decade high inflation and growing recession risk .

•  Technical signals are bearish as RSI is heading down  at 28, daily momentum studies  5, 9 and 11 DMAs are trending down. 

• Immediate resistance is located at 1.4749(38.2%fib), any close above will push the pair towards 1.4883 (21DMA)

• Support is seen at 1.4642 (March 29th low ) and break below could take the pair towards 1.4515 (23.6%fibb).

Recommendation: Good to sell on rally around 1.4750, with stop loss of 1.4830 and target price of 1.4670.
 

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