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FxWirePro: EUR/AUD declines, could be on the verge of a bigger

• EUR/AUD declined on Tuesday  as drops   was-assisted   mounting global growth concerns.

• The recession fears shook global markets and drove investors out of risky assets following Friday's soft U.S. payrolls report.

• A close below   support at 50% fib will give further momentum to bears, opening the way for a run towards 1.6630 level.

• Strong  resistance is located at 1.6863(38.2% fib), any close above will push the pair towards 1.7043(23.6% fib)

• Immediate support is seen at 1.6724 (50% fib) and break below could take the pair towards 1.6579 (61.8% fib).

 Recommendation: Good to sell   around 1.6750, with stop loss of 1.6850 and target price of 1.6640
 

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