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FxWirePro: EUR/AUD falls to new low amid France focus

• EUR/AUD declined on Tuesday  as euro was weighed down  amid European political uncertainty.

• French President Emmanuel Macron’s unprecedented decision to dissolve parliament and call for a snap election has spooked political stability, suggesting a severe political crisis and introducing uncertainty in both France and the wider eurozone.

• The pair hit daily low at 1.6239 and was last trading at 1.6255  at (GMT 20:20).  

• Technical signals are bearish as RSI is at 41, daily momentum studies  5, 9 and 10 DMAs are trending down. 

• Immediate resistance is located at 1.6300 (38.2% fib), any close above will push the pair towards 1.6359 (50% fib)

• Strong support is seen at 1.6239 (23.6% fib ) and break below could take the pair towards 1.6209(Lower BB).

Recommendation: Good to sell around 1.6260, with stop loss of 1.6360 and target price of 1.6200
 

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