• EUR/AUD initial gained on Tuesday as the market awaited catalysts to resolve questions over European politics.
• The market remains focused on the first round of French parliamentary elections and a key U.S. inflation report due later this week.
• Pair traded in 1.6077/1.6141 range and was last trading at 1.6117 in the US afternoon.
• Technical are bearish, daily RSI is negative at 37, daily momentum studies 5,8 and 11 DMAs are trending down.
• Immediate resistance is located at 1.6179 (38.2 % fib), any close above will push the pair towards 1.6260 (50 % fib).
• Immediate support is seen at 1.6084(23.6 % fib) and break below could take the pair towards 1.6039(Lower BB).
Recommendation: Good to sell around 1.6130, with stop loss of 1.6230, and target price of 1.6070
