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FxWirePro:EUR/AUD bearish until a key resistance above is overcome

• EUR/AUD declined on Tuesday as firmer U.S. Treasury yields and a stronger Australian dollar weighed on euro.

• Reserve Bank of Australia left its monetary policy unchanged as widely expected on Tuesday.

• EUR/AUD remains vulnerable, only a break and daily close above 1.5977 (38.2%fib) will shift bias to the upside.

• Technical signals are bearish as RSI is heading down  at 38, daily momentum studies  5, 9 and 1 DMAs are trending down. 

• Immediate resistance is located at 1.5945 (100DMA), any close above will push the pair towards 1.5977 (38.2%fib)

• Immediate support is seen at 1.5886(23.6%fib) and break below could take the pair towards 1.5874 (July 16th low).

Recommendation: Good to sell   around 1.5920, with stop loss of 1.5990 and target price of  1.5840
 

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