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FxWirePro: EUR/AUD downside pressure builds, key support level in focus

• EUR/AUD   eased on Friday as  rally  in iron-ore and copper boosted Australian dollar.

•At GMT 18:56, the pair was trading up 0.34 percent  at 1.6242 ,the pair hit daily high at 1.6306  .

• EUR/AUD remains vulnerable to downside. A sharper increase above 50 % fib  resistance is needed to raise hopes for an uptrend.

• Technical signals are bearish as RSI is at 41, daily momentum studies  5, 9 and 10 DMAs are trending down.

 •Immediate resistance is located at 1.6289 (38.2 % fib), any close above will push the pair towards 1.6346 (50 % fib)

• Support is seen at 1.6222 (23.6%fib ) and break below could take the pair towards  1.6179 (Lower BB).

Recommendation: Good to sell   around 1.6250, with stop loss of 1.6370 and target price of 1.6160

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