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FxWirePro:EUR/AUD dips below lower range, bearish bias increases

• EUR/AUD declined on Friday  as  pair attracted seller on concern  about election uncertainty in France.

• France's far-right National Rally (RN) extended its lead in a poll published on the last day of campaigning before Sunday's first round of parliamentary elections.

• The election results   will be crucial in determining the EUR/AUD  trajectory.

•  Technical signals are bearish as RSI is heading down  at 34, daily momentum studies  5, 9 and 1 DMAs are trending down. 

• Immediate resistance is located at 1.6128 (38.2 %fib), any close above will push the pair towards 1.6211(50 %fib)

• Strong support is seen at 1.6027(23.6 %fib ) and break below could take the pair towards 1.5982(Lower BB).

Recommendation: Good to sell on rally around 1.6060 with stop loss of 1.6200 and target price of 1.5980
 

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