• EUR/AUD declined on Monday as commodity linked Australian dollar was supported by gains in iron ore and copper.
• The pair hit daily low at 1.6040, it was last down 0.03% at 1.6058.
• The pair is holding above 50%fib, A close above 1.6127(38.2%fib), will likely trigger a new bullish phase with potential for 1.6200.
• From a technical viewpoint, the moving averages are pointing downwards, while the RSI is strongly bullish at 62.
• Immediate resistance is located at 1.6109( Higher BB), any close above will push the pair towards 1.6133 ( 38.2%fib).
• Strong support is seen at 1.6048 (50%fib) and break below could take the pair towards 1.5980 ( 61.8%fib).
Recommendation: Good to buy around 1.6050, with stop loss of 1.5960 and target price of 1.6150.
