FxWirePro:EUR/AUD falls on weak German Ifo data, plunge to test a key fibo grows

•EUR/AUD declined on Monday   as weak German Ifo data weighed on the pair.

•Germany's Ifo institute showed high energy prices and the threat of gas shortages weighed on business sentiment in Europe's largest economy in July.

•At GMT 17:28, the pair was trading down 0.41 percent   at 1.4687.

• Technical signals are bearish as RSI is heading down  at 33, daily momentum studies  5, 9 and 11 DMAs are trending down. 

• Immediate resistance is located at 1.4819 ( 11 DMA), any close above will push the pair towards 1.4902(38.2%fib).

•Support is seen at 1.4654 (23.6 %fib ) and break below could take the pair towards 1.4593(Lower BB).

Recommendation: Good to sell on rally around 1.4700, with stop loss of 1.4800and target price of 1.4610.