• EUR/AUD declined on Monday as higher commodity prices boosted Australian dollar .
• A close below 1.6215 support would add to pairs bearish structure, opening the way for a test of October lows by 1.0925.
• Technical signals are bearish as RSI is at 47, daily momentum studies 5, 9 and 10 DMAs are trending down.
• Immediate resistance is located at 1.6270( 14DMA), any close above will push the pair towards 1.6347 (38.2%fib )
• Support is seen at 1.6215(19th Aug low ) and break below could take the pair towards 1.6153 (50%fib )
Recommendation: Good to sell on rally around 1.6260, with stop loss of 1.6320 and target price of 1.6180 .
