• EUR/AUD declined on Friday as strong commodity bounce helped Australian dollar outperform euro
• EUR/AUD drops from 1.6365 to hit daily low at 1.6199. Break lower at 1.6199 support risks run towards 1.6100.
• Technical lean bearish, RSI is lower at 43 daily momentum studies 9, 11 and 14 DMA’s are trending down.
• Immediate resistance is located at 1.6366 (5DMA), any close above will push the pair towards 1.6415(23.6%fib).
• Support is seen at 1.6199 (38.2%fib) and break below could take the pair towards 1.6125 (Lower BB).
Recommendation: Good to sell around 1.6210 with stop loss of 1.6300 and target price of 1.6100
