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FxWirePro: EUR/AUD gains slightly but trend is still bearish

• EUR/AUD   initially gained on Friday but  gave up ground as pair failed to hold strength ahead of long weekend.

• EUR/AUD remains vulnerable to downside. A sharper increase above 50 % fib  resistance is needed to raise hopes for an uptrend.

• 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 1.6336 (38.2 % fib), any close above will push the pair towards 1.6382 (50 % fib)

• Support is seen at 1.6282 (23.6%fib ) and break below could take the pair towards  1.6249 (Lower BB).

Recommendation: Good to sell   around 1.6310, with stop loss of 1.6430 and target price of 1.6220

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