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

• EUR/AUD declined on Friday  as gains in commodity and equity market helped drive Australian dollar higher against euro.

• The risk sensitive Aussie dollar , which is strongly tied to Chinese growth, was the best performing major currency, rising 0.23% to $1.5686 against euro.

 • From a technical viewpoint, the moving averages are pointing downwards, while the RSI  is   bearish at 49.

• Immediate resistance is located at 1.5474 ( 9DMA), any close above will push the pair towards 1.5573 ( 38.2%fib).

• Strong support is seen at 1.5654 (50%fib) and break below could take the pair towards 1.5572(Dec 6th low).

Recommendation: Good to sell around 1.5690, with stop loss of 1.5760 and target price of 1.5600.