FxWirePro: EUR/AUD tight ranges prevail as market waits RBA meeting minutes

• EUR/AUD holds narrow   range on Monday as investors   turned cautious ahead of  minutes from last RBA meeting to be published on Tuesday .

• EUR/AUD capped by 38.2% fib resistance  and showing indecision ahead of RBA meeting.

• Technicals are favouring bearish sentiment as RSI is at 37 and the pair is trading below   5,10 & 11-DMAs. 

• Immediate resistance is located at 1.6004 (38.2% fib), any close above will push the pair towards 1.6056 (5DMA).

• Strong support is seen at 1.5853 (23.6% fib)and break below could take the pair towards 1.5766 (Lower BB).

Recommendation: Good to sell  around 1.5980, with stop loss of 1.6100 and target price of  1.5880