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FxWirePro:EUR/AUD dips below lower range, bearish bias increases

• EUR/AUD declined on Monday  as increased risk appetite boosted Australian dollar

• Copper gains, USD/CNH drop below 6.7820 also helped Australian dollar  rally against euro.

• At GMT 17:32, the pair was trading down 0.73 percent   at  1.5459.

•Technical signals are bearish as RSI is heading down  at 44, daily momentum studies  5, 9 and 11 DMAs are trending down. 

•Immediate resistance is located at 1.5542( 9DMA), any close above will push the pair towards 1.5604 (50% fib)

• Support is seen at 1.5439 (38.2% fib) and break below could take the pair towards 1.5345 (Lower BB).

Recommendation: Good to sell around 1.5480, with stop loss of 1.5620 and target price of 1.5410
 

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