• EUR/AUD declined on Monday as Australian dollar was buoyed by coking coal's surge on China's Dalian Commodity Exchange.
• Reserve Bank of Australia (RBA) Governor Michele Bullock's recent hawkish statements also bolstered the Australian currency.
•The pair is approaching 38.2%fib,a daily close below will accelerate towards 1.6500 level in the short term.
• From a technical viewpoint, the moving averages are pointing downwards, while the RSI is bearish at 45.
• Immediate resistance is located at 1.6661(50%fib), any close above will push the pair towards 1.6675( 5DMA).
• Strong support is seen at 1.6561 (38.2%fib) and break below could take the pair towards 1.6507 (Oct 5th low).
Recommendation: Good to sell around 1.6600, with stop loss of 1.6750 and target price of 1.6520.
