FxWirePro: EUR/AUD dips below lower range, bearish bias increases

• EUR/AUD dipped on Monday as improved risk sentiment boosted Australian dollar.

• Sentiment improved overnight after Axios reported that Iran had presented a new proposal to the U.S. via Pakistani mediators to reopen the Strait of Hormuz and end the war, while deferring nuclear talks to a later stage.

• Markets will pay close attention to policy meetings at the European Central Bank and the Bank of England this week for any signs they could ⁠hike rates to curb price pressures.

• German consumer sentiment was at a three-year low, weighed by higher energy prices and rising inflation, a survey showed.

•   Immediate resistance is located at 1.6384(38.2%fib), any close above will push the pair towards 1.6503 (SMA 20)

• Support is seen at 1.6246(Lower BB) and break below could take the pair towards 1.6121(23.6%fib)..

Recommendation: Good to sell   around 1.6320, with stop loss of 1.6400 and target price of 1.6250