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FxWirePro:EUR/AUD bears need a close under a key level to tighten grip

• EUR/AUD declined on Monday as risk appetite strengthened, supported by encouraging economic data and bets that the Fed will tighten policy at a slower pace.

• Strong support is at 1.4938 ,A break below will encourage fresh selling and accelerate downtrend.

• Technical signals are bearish as RSI is at 49, daily momentum studies  5, 9 and 10 DMAs are trending south. 

• Immediate resistance is located at 1.5015( 5DMA), any close above will push the pair towards 1.5121(38.2% fib)

• Strong support is seen at 1.4938 (50%fib) and break below could take the pair towards 1.4833 (50DMA).

Recommendation: Good to sell on rally around 1.4940, with stop loss of 1.5060 and target price of 1.4880.
 

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