FxWirePro: EUR/AUD slide lower shifts pressure to the downside

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FxWirePro: EUR/AUD slide lower shifts pressure to the downside

Monday, August 8, 2022 9:42 PM UTC

•EUR/AUD declined on Monday as Australian dollar was lifted by gains equity and commodity prices

•Oil prices rose nearly 2% ,recovering from multi-month lows hit last week as positive economic data from China boosted demand hopes despite lingering recession fears

•The pair, already trading lower on the day, extended its drop to hit 1.4575

•Technical signals show the pair could lose more ground in the short-term as RSI is at 37 bearish, daily momentum studies 9, 10 and 11 DMAs are trending down.

• Immediate resistance is located at 1.4672 ( 38.2%fib), any close above will push the pair towards 1.4775 (50%fib).

• mmediate support is seen at 1.4575 (23.6% fib) and break below could take the pair towards 1.4508 (Lower BB).

Recommendation: Good to sell around 1.4600, with stop loss of 1.4750 and target price of 1.4520.

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