• EUR/AUD dipped on Monday as focus was squarely on major central banks talking down prospects for imminent rate hikes in the face of sticky inflation.
• EUR/AUD hits daily high at 1.5646 but reverses course to trade at 1.5601 in late US session. EUR/AUD could be set for a slide toward the 38.2%fib.
• Technical lean bearish, RSI is lower at 46, momentum studies, 14, 21 DMAs are trending southwards.
• Immediate resistance is located at 1.5633 ( 50%fib), any close above will push the pair towards 1.5741(61.8%fib).
• Support is seen at 1.5560(21 DMA) and break below could take the pair towards 1.5530 (38.2%fib).
Recommendation: Good to sell around 1.5610, with stop loss of 1.5700 and target price of 1.5560
