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FxWirePro:EUR/AUD reverses recent rally bias back to downside

• EUR/AUD declined on Monday  as  risk-sensitive Australian dollar was   lifted by iron Ore gains.

• The euro  erased Friday’s gains against Australian dollar, the pair was last down  at 0.55% at  1.5455.

•  Technical signals are bearish as RSI is heading down  at 49, daily momentum studies  5, 9 and 11 DMAs are trending down. 

•  Immediate resistance is located at 1.5467( 30 DMA), any close above will push the pair towards 1.5545(50 %fib)

• Strong support is seen at 1.5445 (38.2 %fib ) and break below could take the pair towards 1.5381(Lower BB).

Recommendation: Good to sell around 1.5460 with stop loss of 1.5560  and target price of 1.5360

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