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FxWirePro: EUR/AUD drops below 1.6200 level, as downbeat German industrial output hits euro
• EUR/AUD declined on Monday as euro was weighed down after data showed German industrial output posted record plunge.
• Industrial output dropped by 17.9% on the month, figures released by the Statistics Office showed.
• Technical signals show the pair could lose more ground in the short-term as RSI is at 33 bearish, daily momentum studies 9, 10 and 11 DMAs are trending down.
• On the upside, Immediate resistance is located at 1.6387 ( 9 DMA), any close above will push the pair towards 1.6617 (23.6% fib)
• On the downside, support is seen at 1.6139 (Lower BB ) and break below could take the pair towards 1.6100 (Psychological level).
Recommendation: Good to sell on rally around 1.6250, with stop loss of 1.6400 and target price of 1.6000.