FxWirePro: EUR/AUD drifts lower , could be on verge of a bigger drop

• EUR/AUD declined on Tuesday as   Australian dollar was boosted by Wall Street's broad based rally and higher commodities prices.

•  U.S. stock indexes were boosted on Tuesday lifted by Apple and Microsoft.

•The pair is approaching 1.5963 (61.8%fib) ,a daily close below   will accelerate towards 1.5900  level.

 • From a technical viewpoint, the moving averages are pointing downwards, while the RSI  is strongly bearish at 47.

• Immediate resistance is located at 1.6039 ( 50%fib), any close above will push the pair towards 1.6125( 38.2%fib).

• Strong support is seen at 1.5963 (61.8%fib) and break below could take the pair towards 1.5933 (5DMA).

Recommendation: Good to sell around 1.5980, with stop loss of 1.6100 and target price of 1.5900.