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FX.co ★ Technical analysis of EUR/AUD for September 27, 2016

Technical analysis of EUR/AUD for September 27, 2016

The EUR/AUD pair is currently trending downwards after breaking the ascending channel. After a corrective wave up, the pair found a support at the 50% Fibs applied to the channel breakout point and at the same time formed a bearish divergence on the MACD.

Today the rate dropped, breaking the 50% Fibs support and 50 Moving Average suggesting that the downtrend is likely to continue. Consider selling EURAUD on a correction towards the 50% Fibs (1.4700), targeting either 23.6% (1.4495) or 0% Fibs (1.4310). The stop loss should be just above the recent high - 1.4790.

Support: 1.4610, 1.4495, 1.4310

Resistance: 1.4800

Technical analysis of EUR/AUD for September 27, 2016

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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