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FxWirePro:EUR/AUD gains some upside momentum but still bearish

• EUR/AUD recovered some ground  on Wednesday as markets reconsidered a brief surge in rate-hike betting in the wake of  U.S. CPI report. 

• EUR/AUD is holding above 1.5700, just above important supports at 1.5640 (23.6 %fib ).

• EUR/AUD shorts are looking for break of  23.6 %fib  barrier .If that hurdle gives way, test  of 1.5614 (Lower BB) could be possible.

• Technical signals are bearish as RSI is   at 32, daily momentum studies  11, 14 and 21 DMAs are trending down. 

• Immediate resistance is located at 1.5743 ( 38.2%fib), any close above will push the pair towards 1.5798(9DMA)

• Support is seen at 1.5640 (23.6 %fib ) and break below could take the pair towards 1.5614(Lower BB).

Recommendation: Good to sell   around 1.5730, with stop loss of 1.5800 and target price of 1.5630.
 

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