• EUR/AUD declined on Monday as election in Germany raised concerns that the major central banks might tighten monetary policy sooner rather than later.
• At GMT 21:06, the pair was trading down 0.02 percent at 1.1695.
• Technical signals are bearish as RSI is heading down at 46, daily momentum studies 5, 9 and 1 DMAs are trending down.
• Immediate resistance is located at 1.6074 ( 21 DMA), any close above will push the pair towards 1.6094 (50 %fib)
• Support is seen at 1.6014 (38.2 %fib ) and break below could take the pair towards 1.5970 (Sep 10 low).
Recommendation: Good to sell around 1.6050, with stop loss of 1.6120 and target price of 1.5980.
