• EUR/AUD declined on Monday as Aussie outperformed euro as buoyant risk appetite, dovish Fed expectations and strong commodity prices supported Australian dollar.
• At GMT 18:17, the pair was trading down 0.01 percent at $1.1662.
• The market will focus on RBA Governor Philip Lowe's statement, which will likely be very similar to the September statement.
• The RBA decision and statement should be a non-event for the cross pair.
• Technical signals are bearish as RSI is heading down at 29, daily momentum studies 5, 9 and 11 DMAs are trending down.
• On the upside, Immediate resistance is located at 1.6223( Daily high), any close above will push the pair towards 1.6280 (5 DMA)
• On the downside, support is seen at 1.6091(23.6 %fib ) and break below could take the pair towards 1.6032 (June 3rd low).
Recommendation: Good to sell around 1.6160, with stop loss of 1.6280 and target price of 1.6050
