FxWirePro- Currency Strength Index (4- Hour chart)- Currency pairs to watch (EURUSD and AUDUSD) for the day)
FxWirePro: EUR/AUD attracts selling interest, vulnerable to more downside
• EUR/AUD declined on Monday as Aussie outperformed euro as ahead of Reserve Bank of Australia rate decision.
• At GMT 17:50, the pair was trading 0.18% lower at 1.5055 after hitting daily high at 1.5305.
• Scope is growing for an eventual break under the 1.5000 psychological level, an eventual break below 1.5000 will accelerate further down.
• Immediate resistance is located at 1.5083( 38.2% fib), any close above will push the pair towards 1.5163 (Higher BB)
• Strong support is seen at 1.5015(50% fib) and break below could take the pair towards 1.4966 (61.8% fib).
Recommendation: Good to sell on rally around 1.5080, with stop loss of 1.5190 and target price of 1.4950.