• EUR/AUD fell as low as 1.7013 on Friday as the pair was weighed down on global slowdown fears.
• The pair failed to break resistance at 1.7230( 9 DMA ) and fell to test support at 1.6975 (23.6% fib).
• EUR/AUD remains vulnerable, only a break and daily close above 38.6% fib at 1.7516 will shift bias to the upside.
• From a technical viewpoint, the moving averages are pointing downwards, while the RSI is strongly bearish at 37.95.
• On the upside, Immediate resistance is located at 1.7230( 9 DMA), any close above will push the pair towards 1.7366( 11 DMA)
• On the downside, support is seen at 1.6975 (23.6% fib) and break below could take the pair towards 1.6877 (Lower BB).
Recommendation: Good to sell around 1.7150, with stop loss of 1.7550 and target price of 1.6800.
