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Scope for EUR/AUD downside builds, short on close below 1.5070

FX:EURAUD   Euro Fx/Australian Dollar
207 0 10
Range trading continues to dominate EUR/AUD             cross, pair enters 3rd week of the choppy 1.4954/1.5343 range.

EUR/AUD             unable to extend gains after channel breakout, further downside seen on close below 1.5070 (trendline support).

Surprisingly strong bounce in iron ore (up 8.65% since its Dec 11 low of USD37) likely to help the AUD, broadly stable other commodity prices and improving risk appetite also support.

Indecisive outcome of the weekend elections in Spain are casting a cloud over the future of economic reforms, weighing on the Euro             .

Price action is well below the cloud, Doji formed in Asian trade, Stochs have shown a bearish crossover from overbought levels.

10-DMA at 1.5151 is immediate resistance on the upside, while support is seen at 1.5070 trendline and 38.2% Fib of 1.6250-1.4348 fall, close below 1.5070 will take the pair lower, tests of 1.4900 then likely.

Good to go short on close below 1.5070, SL: 1.5155, TP: 1.4955
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