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

• EUR/AUD recovered some ground from initial decline on Friday as  rallies in equities , oil  helped buoy euro.

• EUR/AUD   recovers towards  1.5980 and holds near the day's high in US session. 

• Bulls will need a clear 1.6048( 38.2% fib)to take greater control, failure to break higher will spur fresh downward momentum.

• Technical signals are mixed as RSI is  trending up, moving averages are trending up. 

• Immediate resistance is located at 1.5982 (50% fib), any close above will push the pair towards 1.6011 ( 5DMA).

• Immediate support is seen at 1.5911 (61.8%fib) and break below could take the pair towards 1.5870 (16th July low).

 Recommendation: Good to sell around 1.6000, with stop loss of 1.6100 and target price of 1.5920.