• EUR/AUD declined on Monday as higher commodity prices and reduced concern about weak China data boosted Australian dollar.
•Oil and copper rose higher, as investors shrugged off the China data. Investors ignored the weak data and instead priced in a China recovery
• EUR/AUD drops below the 5-DMA , slide halts at the 1.4938(38.2%fib),break below will accelerate towards 1.4850 level.
• Immediate resistance is located at 1.5045 ( 5DMA), any close above will push the pair towards 1.5138 (23.6%fib).
• Strong support is seen at 1.4938 (38.2%fib) and break below could take the pair towards 1.4773(50%fib).
Recommendation: Good to sell around 1.4990, with stop loss of 1.5120 and target price of 1.4900
