• EUR/AUD gained some ground on Monday as pair failed to breach a key support at 1.6550 (200 DMA).
• The pair traded as high as 1.6751 before easing to trade around 1.6677 in late US session.
• Technicals favours bears, RSI is negative at 40 & pair trades below 11 & 21-DMAs.
• Immediate resistance is located at 1.6777 ( 11 DMA), any close above will push the pair towards 1.6958 (23.6 % fib)
• Immediate support is seen at 1.6550 (200 DMA ) and break below could take the pair towards 1.6376 (lower BB).
Recommendation: Recommendation: Good to sell on around 1.6500, with stop loss of 1.6300 and target price of 1.7000.
