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FxWirePro:EUR/AUD slides to lower end of recent range after ECB rate hike

• EUR/AUD declined on Thursday as euro attracted selling after the European Central Bank (ECB) raised interest rates.

• The ECB raised rates by 75 basis points, in line with expectations, and signalled that it was keen to start shrinking its bloated balance sheet.

• At GMT 17:03, the pair was trading down 0.59 percent   at 1.5421.

• Technical signals are bearish as RSI is heading down  at 53, daily momentum studies  5, 9 and 11 DMAs are trending down. 

• Immediate resistance is located at 1.5645 (23.6%fib), any close above will push the pair towards 1.5715(24th Oct high)

• Strong support is seen at 1.5418 (38.2%fib ) and break below could take the pair towards 1.5277 (30DMA).

Recommendation: Good to sell on rally around 1.5420, with stop loss of 1.5500 and target price of 1.5330.

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