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FxWirePro: EUR/AUD dips as French political uncertainty weighs

• EUR/AUD declined on Monday  as shifting political landscapes in   France pressured the euro .

• Prime Minister Sébastien Lecornu tendered his resignation to President Emmanuel Macron just hours after unveiling his cabinet, marking the shortest-lived government in modern French history.

• President Emmanuel Macron asked his outgoing prime minister, who had resigned earlier in the day, to lead urgent talks with other parties to resolve the crisis, 

• Politics may continue to be an issue for the euro with European Commission President Ursula von der Leyen facing renewed no-confidence bids this week..

•  Immediate resistance is located at 1.7771 ( SMA 20), any close above will push the pair towards 1.7900 (50% fib)

• Support is seen at 1.7628 (38.2% fib) and break below could take the pair towards 1.7569(Lower BB).

Recommendation: Good to sell on rally around 1.7700, with stop loss of 1.7770 and target price of 1.7640.
 

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