FxWirePro: EUR/AUD slips sharply lower after France calls shock election, room for further downside

• EUR/AUD declined sharply on Monday  as euro was weighed down after   French President Emmanuel Macron called a snap election..

• France's President Macron calls national poll after German far-right makes strong gains in EU vote, raising  questions about how EU's major powers can drive policy in the bloc

• The pair currently is approaching support at 23.6% fib. A break   would unmask 1.7200 level in the short term.

• Technical signals are bearish as RSI is at 44 , daily momentum studies  5, 9 and 10 DMAs are trending down. 

• Immediate resistance is located at 1.6349 (38.2% fib), any close above will push the pair towards 1.6420 (50% fib)

• Strong  support is seen at 1.6271 (23.6% fib ) and break below could take the pair towards 1.6224(Lower BB).

 Recommendation: Good to sell on rally around 1.6300, with stop loss of 1.6380  and target price of 1.6240