• EUR/AUD declined on Tuesday as risk-related currencies like Australian dollar benefited from soaring commodity prices and markets set aside concerns about the spread of the delta coronavirus variant.
• At GMT 18:11, the pair was trading down 0.58 percent at 1.6187.
• Technical 5-DMA gets pierced, falling daily RSI implies downward momentum in the short-term.
• Immediate resistance is located at 1.6277( 38.2%fib), any close above will push the pair towards 1.6401(23.6%fib)
• Strong support is seen at 1.6171 (50 %fib ) and break below could take the pair towards 1.6066 (61.8%fib).
Recommendation: Good to sell around 1.6200, with stop loss of 1.6300 and target price of 1.6100.
