• EUR/AUD initially gained on Wednesday but gave up some ground as investors geared up for US inflation data on Thursday.
• Pair gained up to 1.5620 then slid near 1.5565 as investors lacked conviction ahead of key US inflation data.
• EUR/AUD bulls must regain above 11DMA to stem the bearish tide and a rise above bigger resistance ar38.2% fib to regain upward momentum.
• Technical signals are bearish as RSI is turning lower at 46, daily momentum studies 5, 9 and 10 DMAs are trending down.
• Immediate resistance is located at 1.5616( 11DMA), any close above will push the pair towards 1.5673(38.2% fib)
• Strong support is seen at 1.5509(50% fib) and break below could take the pair towards 1.5438 (Lower BB).
Recommendation: Good to sell around 1.5570, with stop loss of 1.5680 and target price of 1.5490.
