• EUR/AUD dipped on Tuesday as the pair attracted sellers as investors took profits on recent rally.
• A close below support at 1.5995(38.2% fib) would give further momentum to bears, opening the way for a run towards 1.5900 level.
• Technical signals are mixed as RSI is turing lower, daily momentum studies 9,11 and 14 DMAs are trending up.
• Immediate resistance is located at 1.6086 ( 5 DMA), any close above will push the pair towards 1.6187(23.6 % fib)
• Support is seen at 1.5995(38.2% fib) and break below could take the pair towards 1.5952 (March 9th low).
Recommendation: Good to sell on rally around 1.6080, with stop loss of 1.6160 and target price of 1.6000
