• EUR / AUD dipped on Friday as investors became more cautious ahead of the second round of voting in French parliamentary elections.
•French financial markets have come under selling pressure since President Emmanuel Macron called for a snap election last month.
• Fresh polls showed the far-right National Rally (RN) party and its allies were still in the lead but looked to fall short of getting an outright majority.
• Technical signals show the pair could lose more ground in the short-term as RSI is at 35 , daily momentum studies 5, 9 and 11 DMAs are trending down.
• Immediate resistance is located at 1.6127(38.2%fib), any close above will push the pair towards 1.6156(50%fib).
• Strong support is seen at 1.6030(23.6%fib) and break below could take the pair towards 1.6000 (Lower BB )
Recommendation: Good to buy around 1.6080 with stop loss of 1.6160 and target price of 1.6000
