• EUR/AUD dipped on Monday as the pair attracted sellers ahead of U.S. CPI data on Tuesday.
• All eyes are now on U.S. inflation numbers on Tuesday, which would provide more clarity on the outlook for future interest rate hikes from the U.S. Federal Reserve.
• EUR/AUD drops swiftly from 1.5471 below 11DMA. Break lower 1.5376 (23.6%fib) risks run towards 1.5350 level.
• Technical lean bearish, RSI is lower at 47 daily momentum studies 9, 11 and 14 DMA’s are trending down.
• Immediate resistance is located at 1.5442 (11DMA), any close above will push the pair towards 1.5484 (50%fib).
• Support is seen at 1.5376 (23.6%fib) and break below could take the pair towards 1.5329 (Feb 2nd low).
Recommendation: Good to sell around 1.5400, with stop loss of 1.5480 and target price of 1.5350
