• EUR/AUD declined sharply on Monday as commodity linked Australian rose against euro after oil prices jumped by more than $4 a barrel.
• Sunday's announcement of production target cuts by the Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, pushed oil prices higher.
• Technical are bearish, daily RSI is has tuned negitive, daily momentum studies 5,9 and 11 DMAs are trending down.
• Immediate resistance is located at 1.6114(14 DMA), any close above will push the pair towards 1.6218(23.6 % fib).
• Immediate support is seen at 1.6039 (38.2 % fib) and break below could take the pair towards 1.5971(March 15th low).
Recommendation: Good to sell around 1.6050, with stop loss of 1.6180 and target price of 1.5970
