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EURAUD under the strong bearish pressure after the pair broke the support zone located between the support trendline from July and 38.2% Fibonacci correction of the upward price impulse from the start of July. The breakout of this support zone accelerated active minor impulse wave (i). Given the worsening euro sentiment as seen across the FX markets today, EURAUD can be expected to fall further toward the next support level 1.59000 (low of wave (iv) from the start of August).
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