• EUR/AUD declined on Monday as buoyant risk mood boosted Australian dollar.
• Australia dollar was boosted by assurances of generous US monetary poilicy , fiscal support.
• Looking ahead investors eye RBA minutes of Feb meeting on Tueday, employment data on Thursday, retail sales data Fri day.
• EUR/AUD dived below the 5DMA and trades down at 1.5574 .
• Technical lean bearish, RSI is lower at 36, momentum studies, 9, 11 DMAs falling southwards.
• Immediate resistance is located at 1.5633 ( 5DMA), any close above will push the pair towards 1.5718 (38.2%fib)
• Strong support is at 1.5574 (30 DMA ) and break below could take the pair towards 1.5500(Psychological level).
Recommendation: Good to sell around 1.5580, with stop loss of 1.5700 and target price of 1.5500
