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FxWirePro: EUR/AUD downside pressure builds, key support level in focus

• EUR/AUD declined on Tuesday   as markets turned more positive on riskier assets like Australian dollar. 

• U.S. equity markets rallied on Wednesday, as   investors shrugged off worries about the market and economic impact of the war in Ukraine.

• Selling pressure will remain in the short-term, only a move above 1.5180 ( 50 % fib) strong resistance  will shift the bias higher.

• Technical signals show the pair could lose more ground as RSI is at 30 bearish, and 9, 11,21 DMA’s are trending south. 

• Immediate resistance is located at 1.4874 (5DMA), any close above will push the pair towards 1.4980(38.2%fib).

• Immediate support is seen at 1.4744 (23.6%fib) and break below could take the pair towards 1.4594(Lower BB).

Recommendation: Good to sell round 1.4800 with stop loss of 1.4985 and target price of 1.4630
 

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