• EUR/AUD declined on Friday as higher metal prices and equity gains boosted Australian dollar against euro.
• The is pair heading towards the lower 23.6%fib, as near term direction of the pair is likely to be driven by current price action.
• Technical are bearish, daily RSI is negative at 36, daily momentum studies 9 and 10 DMAs are trending down.
• Immediate resistance is located at 1.6444 (38.2%fib ), any close above will push the pair towards 1.6515(5DMA).
• Strong support is seen at 1.6325 (23.6%fib ), and break below could take the pair towards 1.6274(Lower BB).
Recommendation: Good to sell on around 1.6450, with stop loss of 1.6600 and target price of 1.6300
