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FxWirePro: EUR/AUD recovery facing a steep rock, likely to falter

• EUR/AUD recovered some ground after initially falling  on Friday as the pair was aided by profit-taking on shorts.

• EUR/AUD bulls must regain the 1.5641 ( 5DMA) to stem the bearish tide and a rise above the 1.5703(38.2%fib) to regain momentum.

• Technical signals are bearish as RSI is at 34, daily momentum studies  5, 9 and 10 DMAs are trending down.

• Immediate resistance is located at 1.5619 ( 38.2%fib), any close above will push the pair towards 1.5641 ( 5DMA).

• Strong support is seen at 1.5514 (23.6%  fib) and break below could take the pair towards 1.5462(Lower BB).

  Recommendation: Good to sell on rally around 1.5590, with stop loss of 1.5680 and target price of 1.5500.

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