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FxWirePro: EUR/AUD drops below 1.5500 level, heads deeper into bear territory

• EUR/AUD declined on Friday as Aussie outperformed euro as optimism about economic rebounds supported AUD.

• Australian dollar,which is closely linked to commodity prices and the outlook for global growth, has been helped by a recent rally in commodity prices.

• EUR/AUD dived below the 38.2% fib and is approaching to tesh 23.6%fib at1.5413.

• Technical lean bearish, RSI is strongly bearish, momentum studies, 9, 11 DMAs falling southwards. 

•  Immediate resistance is located at 1.5535 ( 38.2%fib), any close above will push the pair towards 1.8038 1.5588 ( 9DMA)

• Support is seen at 1.5413(23.6%fib ) and break below could take the pair towards 1.5329(3rd Dec 2018 low).

Recommendation: Good to sell   around 1.5420, with stop loss of 1.5500 and target price of 1.5320.


 

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