• 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
