FxWirePro:EUR/AUD attracts selling interest, could be on verge of a bigger drop
• EUR/AUD declined on Tuesday as downbeat German unemployment weighed on euro.
• German unemployment rose by 9,000 in seasonally adjusted terms to 2.752 million
• Two day dip has turned the daily signals into negative territory,a move towards 1.5350 now looks viable.
• Technical signals are bearish as RSI is heading down at 44, bearish 5 & 10 DMA cross with 5, 10 & 21 DMAs falling suggests more losses.
• Immediate resistance is located at 1.5483 ( 50% fib), any close above will push the pair towards 1.5550 (61.8%fib)
• Support is seen at 1.5417 (38.2%fib ) and break below could take the pair towards 1.5331(23.6%fib).
Recommendation: Good to sell on rally around 1.5450, with stop loss of 1.5550 and target price of 1.5350.