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FxWirePro:EUR/AUD under pressure after early buying dries up

• EUR/AUD declined on Tuesday as higher commodities prices and buoyed risk sentiment boosted Australian dollar.

• The euro  erased Monday’s gains against the Australian dollar  , the pair was last down  at 0.03% at  1.6793  

• EUR/AUD drops swiftly from 1.5688 to 1.5562. Break lower 50%fib risks run towards1.5450 level .

• From a technical viewpoint, the moving averages are pointing downwards, while the RSI  is turning lower.

•  Immediate resistance is located at 1.6854( 38.2%fib), any close above will push the pair towards 1.6870(14DMA).

• Immediate support is seen at 1.6757(Daily low) and break below could take the pair towards 1.6693 (50%fib).

Recommendation: Good to sell   around 1.6800, with stop loss of 1.6950 and target price of 1.6720
 

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