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FxWirePro:EUR/AUD force is with bears as the pair hits lowest since 16th Nov

• EUR/AUD declined on Wednesday as gains in equities, commodities and risk-on theme   added to the AUD's shine.

• The Aussie also jumped on hopes that China will ease stringent COVID restrictions which have raised concerns about global growth.

• EUR/AUD droped swiftly from 1.15487. Break lower risks 1.5313(38.2%fib )  run towards 1.5220 level.

• Technical signals are bearish as RSI is heading down  at 43, daily momentum studies  5, 9 and 11 DMAs are trending down. 

• Immediate resistance is located at 1.5409 ( 5DMA), any close above will push the pair towards 1.5450 (50%fib)

• Support is seen at 1.5313(38.2%fib ) and break below could take the pair towards 1.5228(Lower BB).

Recommendation: Good to sell on rally around 1.5340, with stop loss of 1.5430 and target price of 1.5270.
 

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