• EUR/AUD declined on Monday as higher commodity and equity gains boosted Australian dollar
• Oil prices rose following reports that production at Norway's Johan Sverdrup oilfield had been halted, adding to earlier gains driven by the escalation of the Russia-Ukraine war.
• Looking ahead, Investors awaited Euro zone consumer price figures for October are due on Tuesday, and November's flash PMIs on Friday..
• Technical signals are bearish as RSI is heading down at 36, daily momentum studies 5, 9 and 1 DMAs are trending down.
• Immediate resistance is located at 1.6290(50 %fib), any close above will push the pair towards 1.6349(61.8 %fib)
• Strong support is seen at 1.6235(38.2 %fib ) and break below could take the pair towards 1.6168(23.6 %fib).
Recommendation: Good to sell on rally around 1.6300, with stop loss of 1.6350 and target price of 1.6190.
