• EUR/AUD initially gained Thursday but earlier gains eroded as investors digested the size and pace of ECB tightening in the coming months.
• ECB decision was widely expected but the possibility of a larger hike from September weighed on sentiment.
• Strong support is at 1.4857 (50%fib),A break below will encourage fresh selling and accelerate downtrend.
• Immediate resistance is located at 1.4958( 21DMA), any close above will push the pair towards 1.5030(38.2% fib)
• Strong support is seen at 1.4857 (50%fib) and break below could take the pair towards 1.4792 (Lower BB).
Recommendation: Good to sell around 1.4960, with stop loss of 1.5080 and target price of 1.4780.
