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• EUR/AUD declined on Tuesday as the pair was dragged r by as political uncertainties in France.
• Leaders from the left-wing bloc that came first in the election and the runner-up centrists have engaged in a race to be first to cobble together a viable government, lawmakers and other sources told.
• EUR/AUD drops swiftly from 1.6087 to hit daily low at 1.6038 . Break lower at 23.6%fib support risks run towards 1.6036.
• Technical lean bearish, RSI is lower at 47 daily momentum studies 9, 11 and 14 DMA’s are trending down.
• Immediate resistance is located at 1.6086 (Daily high), any close above will push the pair towards 1.6131(50%fib).
• Support is seen at 1.6031(23.6%fib) and break below could take the pair towards 1.6016 (Lower BB).
Recommendation: Good to sell around 1.6060 with stop loss of 1.6140 and target price of 1.5950
