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FxWirePro: EUR/AUD big drop reinforces the bearish tech outlook, good to sell on rally

• EUR/AUD initial gained on Thursday  but gave up ground as risk assets moved higher and remained buoyant in the day.

• Sellers in the pair emerged at the daily high 1.4949  and EUR/AUD drifted back to 1.4800 level

• Technical are bearish, daily RSI is turning negative at 53, daily momentum studies 5,8  and 11 DMAs are trending down. 

• Immediate resistance is located at 1.4813(14DMA), any close above will push the pair towards 1.4843 (50%fib ).

• Immediate support is seen at 1.4769 (61.8 % fib) and break below could take the pair towards 1.4570 (Lower BB).

Recommendation: Good to sell  around 1.4810, with stop loss of 1.4900 and target price of 1.4730

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