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FxWirePro: EUR/AUD heads deeper into bear territory, 1.6137 a key barrier

• EUR/AUD declined on Monday as gains in  equity , iron-ore  aided Australian dollar against euro.

• Bearish signals are increasing as the pair falls below the 50%fib support & 5DMA

• Technical signals are bearish as RSI is at 40, daily momentum studies  5, 9 and 10 DMAs are trending down. 

•  Immediate resistance is located at 1.6236 ( Daily high), any close above will push the pair towards 1.6323(38.2%fib)

• Support is seen at 1.6137 (23.6% fib ) and break below could take the pair towards 1.6076 (Lower BB).

  Recommendation: Good to sell on rally around 1.6200 with stop loss of 1.6280 and target price of 1.6120
 

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