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

• EUR/AUD initially gained on Friday but gave up most of the ground as gains were capped by  profit-taking.

•Pair traded in 1.5951-1.5884 range, the pair was last trading   at  1.5904.  

• Scope is growing for an eventual break under the 1.5848 (23.6%  fib) level, an eventual break below  will accelerate further downside movementum.

•  Technical signals are bearish as RSI is at 32, daily momentum studies  5, 9 and 10 DMAs are trending down. 

•   Immediate resistance is located at 1.5844( 5 DMA), any close above will push the pair towards 1.5986 (38.2 % fib).

• Support is seen at 1.5848 (23.6%  fib) and break below could take the pair towards 1.5793 (Lower BB).

 Recommendation: Good to sell on rally around 1.5910  with stop loss of 1.5600 and target price of 1.5840.