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