FxWirePro: EUR/AUD attracts selling interest, vulnerable to more downside

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FxWirePro: EUR/AUD attracts selling interest, vulnerable to more downside

Wednesday, June 29, 2022 5:02 PM UTC

• EUR/AUD declined on Wednesday as less hawkish comments ECB President Christine Lagarde weighed on euro

• European Central Bank President Christine Lagarde said the era of ultra low inflation that preceded the pandemic is unlikely to return.

• EUR/AUD dived below the 5DMA and trades down to a 1.5201 low.

• Technical highlight further downside risks as a daily bearish candle has formed and the daily RSI has turned down sharply.

• Immediate resistance is located at 1.5226 (5DMA), any close above will push the pair towards 1.5319(Daily high)

• Support is seen at 1.5189(38.2% fib) and break below could take the pair towards 1.5117 (14 DMA).

Recommendation: Good to sell around 1.5200, with stop loss of 1.5300 and target price of 1.5130.

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