FxWirePro: EUR/AUD capped below 1.57 handle, bias lower, stay short

• EUR/AUD has been capped below 1.57 handle, trades 0.27% lower on the day.
   
• Minor recovery attempts failed to hold break above 5-DMA resistance at 1.5687.
   
• Technical studies are biased lower. Stochs are showing a rollover from overbought levels.
   
• MACD is on verge of bearish crossover on signal line and RSI is biased lower.
   
• We see scope for downside till 50-DMA at 1.5446. Violation there will see further weakness.
   
• On the flipside, 4H 50-SMA at 1.57 is immediate resistance. We see bearish invalidation on breakout above.

Support levels - 1.56, 1.5584 (20-DMA), 1.55, 1.5446 (50-DMA)

Resistance levels - 1.5687 (5-DMA), 1.57, 1.5817 (Feb 14 high)

Call update: Our previous call (https://www.econotimes.com/FxWirePro-EUR-AUD-Trade-Idea-1156868) has hit TP1.

Recommendation: Bias lower. Stay short for further downside.

FxWirePro Currency Strength Index: FxWirePro's Hourly EUR Spot Index was at -108.168 (Bearish), while Hourly AUD Spot Index was at 175.698 (Bullish) at 0520 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.

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