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FxWirePro:EUR/AUD attracts selling interest, 23.6% fibonacci eyed

• EUR/AUD declined on Friday  on as stronger Australian dollar  drove EUR/AUD  drove the pair lower.

• Australian dollar strengthened across the board driven by gains in equities, iron-ore and  copper.

• Price slides to 1.4668 from 1.4818 daily high. The pair has dropped 150 pips, on Friday.

• EUR/AUD is now on course to register a   close below the 1.4642 (11DMA ) , chart points to bigger drop towards  1.4550.  

• Immediate resistance is located at 1.4701 (38.2% fib), any close above will push the pair towards 1.4822 (50% fib).

• Strong support is seen at 1.4642 (11DMA) and break below could take the pair towards 1.4545 (23.6% fib ).

Recommendation: Good to sell around 1.4670, with stop loss of 1.4760 and target price of 1.4550
 

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