• EUR/AUD declined on Friday as higher commodity prices and increased risk appetite supported commodity linked Australian dollar.
• Selling pressure will remain in the short-term, only a move above 2.0140 ( 61.8 % fib) strong resistance will shift the bias higher.
•Today’s drop has put EUR/AUD back below 50%fib and has put the 1.5652 (61.8%fib)back in play.
• From a technical viewpoint, the moving averages are pointing downwards, while the RSI is strongly bearish at 49.
• Immediate resistance is located at 1.5761 (11DMA), any close above will push the pair towards 1.5792(38.2%fib).
• Immediate support is seen at 1.5708(Daily low) and break below could take the pair towards 1.5652 (61.8%fib).
Recommendation: Good to sell round 1.5720 with stop loss of 1.5790 and target price of 1.5650
