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FxWirePro:EUR/AUD set for bigger drop, but close below key fibo needed

Friday, May 19, 2023 11:42 PM UTC

• EUR/AUD dipped on Friday as Australia dollar was boosted by gains in equity , commodity prices .

• EUR/USD probed support zone 1.6186 (38.2% fib, Break lower risks run towards 1.6150 level in the short term.

• Technical signals are bearish as RSI is at 45, daily momentum studies 10,11 and 14 DMAs are trending down.

• Immediate resistance is located at 1.6311 ( 14DMA), any close above will push the pair towards 1.6405 (23.6% fib)

• Support is seen at 1.6186 (38.2% fib ) and break below could take the pair towards 1.6063 (Lower BB).

Recommendation: Good to sell around 1.6250, with stop loss of 1.6354 and target price of 1.6150

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FxWirePro:EUR/AUD set for bigger drop, but close below key fibo needed

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