• EUR/AUD declined on Monday as gains in equity , iron-ore reinforced risk-on sentiment boosting Australian dollar
• EUR/AUD dived below the 50% fib and trades down to a 1.6228 low.
• Technical lean bearish, RSI is lower at 42, momentum studies, 9, 11 DMAs falling southwards.
•Immediate resistance is located at 1.6394 ( 50% fib), any close above will push the pair towards 1.6411 (5 DMA)
•Support is seen at 1.6221 (38.2% fib) and break below could take the pair towards 1.6169 (Lower BB).
Recommendation: Good to sell on rally around 1.6240, with stop loss of 1.6340 and target price of 1.6150.
