• EUR/AUD declined on Monday as better risk sentiment in the market supported Australian dollar broadly.
• The Aussie also gained as equities and commodities built on Friday's gains. Copper rose over 1.5% in Monday while Dalian iron ore was up close to 10%
• At GMT 16:26, the pair was trading 0.26% lower at 1.5486. The cross pairs bearish bias is set to strengthen, likely to drop towards 1.7750
• Technical signals are bearish as RSI is at 44, daily momentum studies 5,9,11 DMA’s, are trending down.
• Immediate resistance is located at 1.5486 (50 DMA ), any close above will push the pair towards 1.5537 (38.2%fib).
• Strong support is seen at 1.5415 (23.6%fib) and break below could take the pair towards 1.7711 (30th Mach low).
Recommendation: Good to sell around 1.5490 with stop loss of 1.5550 and target price of 1.5410.
