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FxWirePro:EUR/AUD succumbs to bearish forces as weak German economic sentiment weighs

• EUR/AUD initially gained towards  1.4533 on Tuesday but gains faded as the pair was weighed down by data showing weak German investor sentiment  .

• Germany's downbeat ZEW indicated investors were growing more concerned about recession in Europe's largest economy, with elevated energy prices.

• Technical signals show RSI is at 38 , daily momentum studies 9, 10 and 11 DMAs are trending southwards

• Immediate resistance is located at 1.4486 (5DMA), any close above will push the pair towards 1.4557(38.2% fib).

• Immediate support is seen at 1.4435 (Daily low) and break below could take the pair towards 1.4392(23.6% fib).

Recommendation: Good to sell   around 1.4480, with stop loss of 1.4540 and target price of 1.4480

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