• EUR/AUD declined on Thursday French election concerns led traders to sell short.
• President Emmanuel Macron shocked France last month by calling a snap election, he was gambling with the future of Europe as well as his own country..
• EUR/AUD currency pair is facing increased downside pressure, with a critical support level coming into focus.
• Technical signals are bearish as RSI is at 38, daily momentum studies 5, 9 and 10 DMAs are trending down.
• Immediate resistance is located at 1.6161 (38.2% fib), any close above will push the pair towards 1.6227 (50% fib)
• Stong support is seen at 1.6061 (23.6% fib) and break below could take the pair towards 1.5974(Lower BB).
Recommendation: Good to sell on rally around 1.6100, with stop loss of 1.6180 and target price of 1.6030
