FxWirePro: EUR/AUD neutral in the near-term, scope for downward resumption

• EUR/AUD declined on Monday as pair was sold on US-China jitters.

• US-China trade tensions is likely to keep EUR/AUD below 1.6846 (30 DMA), A break under 1.6556  would unmask 1.6403 level in the short term.

• 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 1.6750 (21 DMA), any close above will push the pair towards 1.6846 (30 DMA).

• Strong support is seen at 1.6556 (200 DMA ) and break below could take the pair towards 1.6403 (300 DMA ).

Recommendation: Good to sell   around 1.6700, with stop loss of 1.6852 and target price of 1.6600.