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FxWirePro: EUR/AUD bearish momentum builds ,eyes 1.5900 level

• EUR/AUD slipped lower  on Monday    as Euro was weighed down amid French debt concerns.

• Data from INSEE showed that France’s public debt totalled €3.5955 trillion at the end of June, amounting to 119% of economic output.

• Higher French bond yields and persistent political instability have fuelled concerns over the country’s fiscal outlook, prompting comparisons with Greece’s debt crisis,.

•  France has yet to face a similar level of financial distress, but rising public debt and political uncertainty have heightened investor concerns.

• Immediate resistance is located at 1.6133(38.2%fib), any close above will push the pair towards 1.6150(SMA20).

• Immediate support is seen at 1.6028(23.6%fib) and break below could take the pair towards 1.6000(Psychological level)
    
Recommendation: Good to sell around 1.6060, with stop loss of 1.6100 and target price of 1.5900
 

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