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FxWirePro:EUR/AUD gains some upside momentum but still bearish

• 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

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