FxWirePro:EUR/AUD slide lower shifts pressure to the downside

• EUR/AUD declined on Friday  as solid Australian retail sales data and higher commodities prices boosted  Australian dollar.

• The pair dropped quickly to test 1.4964 (38.2% fib), subsequent weak closings below 1.4964 suggest further  weakness on cards.  

• Technical signals show bearish momentum , the 5 DMA and 9 DMAs trend south, while RSI is heading south at 49.

• Immediate resistance is located at 1.5051 ( 5DMA), any close above will push the pair towards 1.5123 (50% fib)

• Support is seen at 1.4964 (38.2% fib) and break below could take the pair towards 1.4813 (50DMA).

Recommendation: Good to sell around 1.4990, with stop loss of 1.5100 and target price of 1.4900.