FxWirePro: EUR/AUD attracts selling interest, could be on verge of a bigger drop

• EUR/AUD dipped on Tuesday as after showed euro zone inflation hit a record high in May.

•Inflation in the 19 countries sharing the euro accelerated to 8.1% in May from 7.4% in April.

• Pair traded in a quiet 1.4996/1.4833  range and was last trading at 1.6244 into the US afternoon. 

• Technical signals are bearish as RSI is at 48, daily momentum studies  10,11 and 14 DMAs are trending down. 

•  Immediate resistance is located at 1.4960(38.2% fib), any close above will push the pair towards 1.5020( 11DMA).

•Support is seen at 1.4833(Daily low ) and break below could take the pair towards 1.4799 (Lower BB).

Recommendation: Good to sell   around 1.4950, with stop loss of 1.5050 and target price of 1.4880.