• EUR/AUD rebounded on Monday as Australian dollar was weighed down by weak Chinese factory data .
• At GMT 17:26, the pair was trading up 0.33 percent at 1.6483 after reaching daily high at 1.6522
• EUR/AUD is likely to maintain its downward move as long as remains below 1.6555(50%fib) resistance.
• From a technical viewpoint, the moving averages are pointing downwards, while the RSI is bearish at 40.
• Immediate resistance is located at 1.6482 (38.2%fib), any close above will push the pair towards 1.6555(50%fib).
• Strong support is seen at 1.6399 (23.6%fib) and break below could take the pair towards 1.6319(Lower BB).
Recommendation: Good to sell around 1.6520, with stop loss of 1.6700 and target price of 1.6410
