• EUR/AUD declined on Friday as bounce in iron-ore prices and gains in equity market added to risk-on sentiment drove Australian dollar higher.
• EUR/AUD dived below the 50% fib and trades down to a 1.5596 low.
• Technical lean bearish, RSI is turning sharply lower, momentum studies, 9, 11 DMAs falling southwards.
• Immediate resistance is located at 1.5648( 50% fib), any close above will push the pair towards 1.5719 (38.2%fib)
• Support is seen at 1.5570 (61.8%fib ) and break below could take the pair towards 1.5531 (Nov 4th low).
Recommendation: Good to sell on rally around 1.5620, with stop loss of 1.5700 and target price of 1.5560.
