• EUR/AUD declined on Friday as Australian dollar continues to benefit from higher commodity prices.
• Benchmark iron ore futures in China surged on Friday, clocking their biggest weekly gain in more than two years.
• Technical signals are bearish as RSI is heading down at 56, daily momentum studies 5, 9 and 1 DMAs are trending down.
• Immediate resistance is located at 1.4896 (38.2 %fib), any close above will push the pair towards 1.4997 (50%fib)
• Support is seen at 1.4799 (23.6 %fib ) and break below could take the pair towards 1.4703 (1st Aug 2017 low).
Recommendation: Good to sell on rally around 1.4820, with stop loss of 1.4900 and target price of 1.4720.
