• EUR/AUD declined on Monday as Australian dollar rebounded from last week’s sell off.
• Oil rose 5.5%, copper gained 2.4%, helping lift AUD off Friday’s nine-month low.
• At GMT 21:54, the pair was trading down 0.03percent at $1.1628.
• Daily technical hint at growing correction risk, though monthly indicators were bullish, suggesting any rebound would be shallow.
• Immediate resistance is located at 1.6333 ( 38.2%fib), any close above will push the pair towards 1.6441 (23.6%fib)
• Strong support is seen at 1.6249(50 %fib ) and break below could take the pair towards 1.6183 (9DMA).
Recommendation: Good to sell on rally around 1.6290, with stop loss of 1.6400 and target price of 1.6200.
