• EUR/AUD declined on Friday as Iron-ore , equity gains helped buoy Australian dollar.
• The euro erased Thursday’s gains against the Australian dollar , the pair was last down at 0.38% at 1.6532
• EUR/AUD drops swiftly from 1.6598 to 1.6535. Break lower 50%fib risks run towards1.6450 level .
• From a technical viewpoint, the moving averages are pointing downwards, while the RSI has turned sharply lower.
• Immediate resistance is located at 1.6617 ( 38.2%fib), any close above will push the pair towards 1.6661 (Higher BB).
• Immediate support is seen at 1.6525(50%fib) and break below could take the pair towards 1.6437 (61.8%fib).
Recommendation: Good to sell around 1.6540, with stop loss of 1.6700 and target price of 1.6450.
