• EUR/AUD declined on Monday as euro attracted sellers after data showed Euro zone industry output slumped in March.
• Euro zone industrial production fell by far more than expected in March as output of capital goods plunged.
•The pair is approaching 50%fib,a daily close below will accelerate towards 1.6100 in the short term.
• Immediate resistance is located at 1.6243( 5DMA), any close above will push the pair towards 1.6348( 38.2%fib).
• Strong support is seen at 1.6178 (50%fib) and break below could take the pair towards 1.6091 (Lower BB).
Recommendation: Good to sell around 1.6220, with stop loss of 1.6320 and target price of 1.6140.
