• 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
