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

Monday, May 1, 2023 3:27 PM UTC

• EUR/AUD declined on Monday as Australian dollar strengthened ahead of RBA rate decision.

•Australia's central bank will keep its interest rate unchanged at 3.6% on Tuesday for a second consecutive meeting to assess the impact of past hikes on inflation.

•The pair is approaching 38.2%fib,a daily close below will accelerate towards 1.4500 in the short term.

• Immediate resistance is located at 1.6608( 5DMA), any close above will push the pair towards 1.6765( 23.6%fib).

• Strong support is seen at 1.6518 (38.2%fib) and break below could take the pair towards 1.6384 (21DMA).

Recommendation: Good to sell around 1.6540, with stop loss of 1.6640 and target price of 1.6420.

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

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