• EUR/AUD recovered some ground on Monday as markets were in a holding pattern ahead of Eurozone PMI data and U.S. non-farm payrolls data on Friday.
• EUR/AUD pared early losses with 21-day MA support holding but bulls are reluctant to test resistance at 1.6213 (11 DMA).
•Support at 21-day MA at 1.6107 holding but break would warn of correction.
• Immediate resistance is located at 1.6215 ( 11DMA), any close above will push the pair towards 1.6277 (38.2%fib)
• Strong support is seen at 1.6150 (50% fib ) and break below could take the pair towards 1.6107 (21DMA).
Recommendation: Good to sell around 1.6180, with stop loss of 1.6250 and target price of 1.6100.
