• EUR/AUD recovered some ground from initial decline on Friday as the pair was aided by profit-taking on shorts.
• EUR/USD rally sellers likely as inverted hammer candle reinforces bearish signals.
• Bulls will need a clear 1.5952 ( 50% fib)to take greater control, failure to break higher will spur fresh downward momentum.
• Technical signals are bearish as falling daily RSIs imply downside momentum remains in place.
• Immediate resistance is located at 1.5871 (38.2%fib), any close above will push the pair towards 1.5952 ( 50% fib).
• Immediate support is seen at 1.5775 (23.6%fib) and break below could take the pair towards 1.5747 (Lower BB).
Recommendation: Good to sell around 1.5850, with stop loss of 1.5930 and target price of 1.5800.
