• EUR/AUD declined on Monday as risk-sensitive Australian dollar was lifted by iron Ore gains.
• The euro erased Friday’s gains against Australian dollar, the pair was last down at 0.55% at 1.5455.
• Technical signals are bearish as RSI is heading down at 49, daily momentum studies 5, 9 and 11 DMAs are trending down.
• Immediate resistance is located at 1.5467( 30 DMA), any close above will push the pair towards 1.5545(50 %fib)
• Strong support is seen at 1.5445 (38.2 %fib ) and break below could take the pair towards 1.5381(Lower BB).
Recommendation: Good to sell around 1.5460 with stop loss of 1.5560 and target price of 1.5360
