• EUR/AUD declined on Monday as gains in equity , iron-ore aided Australian dollar against euro.
• Bearish signals are increasing as the pair falls below the 50%fib support & 5DMA
• Technical signals are bearish as RSI is at 40, daily momentum studies 5, 9 and 10 DMAs are trending down.
• Immediate resistance is located at 1.6236 ( Daily high), any close above will push the pair towards 1.6323(38.2%fib)
• Support is seen at 1.6137 (23.6% fib ) and break below could take the pair towards 1.6076 (Lower BB).
Recommendation: Good to sell on rally around 1.6200 with stop loss of 1.6280 and target price of 1.6120
