• EUR/AUD initially gained on Monday but reversed course to trade lower on the day, as gains faded as risk-off sentiment intensified .
• The pair is heading into the US afternoon ,down 0.02 percent at 1.6384. Break below 1.6284 targets next support at 1.6057.
• Technical signals are bearish as RSI is at 44.31, daily momentum studies 21, 30 DMAs are trending down.
• On the upside, Immediate resistance is located at 1.6465 ( 21 DMA), any close above will push the pair towards 1.6594 (23.6% fib)
• On the downside, support is seen at 1.6284 (5 DMA ) and break below could take the pair towards 1.6057 (lower BB).
Recommendation: Good to sell around 1.6400, with stop loss of 1.6600 and target price of 1.6200.
