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FxWirePro:EUR/AUD extends drop, faces 50% fib support

• 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.
 

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