FxWirePro: EUR/AUD falls below 1.5500, bears keep the advantage
• EUR/AUD declined on Friday as Australian dollar was supported by gains in copper and iron ore prices.
• Pair traded in a 1.5558/1.5463 range and was last trading at 1.5490 into the US afternoon. Another dip is likely.
•The current structure of the market and technical factors point to a near-term fall.
• Immediate resistance is located at 1.5523 ( 5DMA), any close above will push the pair towards 1.5553 (50%fib)
• Strong support is seen at 1.5462 (38.2% fib ) and break below could take the pair towards 1.5432 (Lower BB).
Recommendation: Good to sell around 1.5500, with stop loss of 1.5600 and target price of 1.5400.