• EUR/AUD declined on Wednesday as Aussie outperformed euro as risk sentiment improved after U.S. inflation data.
• EUR/AUD dived below the 38.2% fib and trades down to a 1.5484 low.
• Technical lean bearish, RSI is turning sharply lower, momentum studies, 9, 11 DMAs falling southwards.
• Immediate resistance is located at 1.5552 ( 38.2% fib), any close above will push the pair towards 1.5656 (Higher BB)
• Strong support is seen at 1.5478 (21 DMA ) and break below could take the pair towards 1.5391 (23.6% fib).
Recommendation: Good to sell on rally around 1.5500, with stop loss of 1.5580 and target price of 1.5400.
