FxWirePro: EUR/AUD extends slump, hits fresh multi-month lows at 1.3724, bias lower

• EUR/AUD extends slump, hits fresh multi-month lows at 1.3724. 
   
• Heightened political uncertainty in the euro area and resurgence in Greece crisis keeps EUR subdued.
   
• AUD supported after RBA held rates and talked up the Australian economic growth. Upbeat NAB business conditions also adds supports.
   
• Technical studies are biased lower,  we see scope for further downside. 
   

Support levels - 1.3678 (Week of Apr 27, 2015 low), 1.3370 (Week of June 3, 2015 low)

Resistance levels - 1.3850 (5-DMA), 1.3981 (Feb 10 high), 1.4052 (20-DMA)

TIME  TREND INDEX  OB/OS INDEX    

1H          Bullish                 Neutral       
4H          Bearish                Oversold        
1D          Bearish                Oversold        
1W         Bearish                 Near oversold      
  
Call update: Our previous call (http://www.econotimes.com/FxWirePro-EUR-AUD-hits-fresh-10-month-lows-at-13811-bias-lower-good-to-short-rallies-537747) has achieved TP1.

Recommendation: Hold for further downside.