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FxWirePro:EUR/AUD drifts lower , could be on verge of a bigger drop

• 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
 

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