• EUR/AUD declined on Monday as Australian dollar was boosted by better than expected China data.
• China's industrial production and retail sales grew faster than expected in October despite new restrictions to combat Covid19 outbreaks and supply shortages.
• At GMT 16:47, the pair was trading down 0.55 percent at 1.5514.
• Technical signals are bearish as RSI is heading down at 41, daily momentum studies 5, 9 and 11 DMAs are trending down.
• Immediate resistance is located at 1.5556 ( 14 DMA), any close above will push the pair towards 1.5615 (38.2 %fib)
• Support is seen at 1.5463 (23.6 %fib ) and break below could take the pair towards 1.5363 (23.6%fib).
Recommendation: Good to sell on rally around 1.5525, with stop loss of 1.5600 and target price of 1.5435.
