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

• EUR/AUD declined  on Tuesday  as euro zone growth outlook looked fragile  after data showed deterioration of business confidence in Germany this month

• String of data disappointing data, including Monday's PMIs, has left the market wondering whether economic deterioration will force the ECB to switch its focus from inflation to recession.

•EUR/AUD is probing  50%fib support  zone,   EUR/AUD may near 1.6200 if structural support  breaks.

•  Immediate resistance is located at 1.6383 ( 38.2%fib), any close above will push the pair towards 1.6413(5DMA).

• Immediate support is seen at 1.6269 (50%fib) and break below could take the pair towards 1.6205(Lower BB).

Recommendation: Good to sell around 1.6290, with stop loss of 1.6370 and target price of 1.6220

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