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FxWirePro: EUR/AUD dips below lower range, bearish bias increases

• EUR/AUD declined on Thursday   as higher oil prices and falling Australian jobs number boosted Australian dollar. 

• EUR/AUD scope is for an eventual drop under major 23.6 % fibo support.Break below the 23.6 %fib fibo would see much bigger losses in coming sessions.

• Technical signals are bearish as RSI is heading down  at 28, daily momentum studies  5, 9 and 11 DMAs are trending down. 

• Immediate resistance is located at 1.5671( 5DMA), any close above will push the pair towards 1.5707 (38.2%fib)

• Strong  support is seen at 1.5611 (23.6 %fib ) and break below could take the pair towards 1.5560 (Lower BB).

Recommendation: Good to sell   around 1.5640, with stop loss of 1.5700 and target price of 1.5560
 

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