FxWirePro: EUR/AUD drifts lower , could be on verge of a bigger drop

• EUR/AUD declined on Thursday as single currency  weakened in the face of mounting fallout from Russia's invasion of Ukraine.

•Investors worried about the impact of rising oil prices weighs heavily on European markets and economy and increases the likelihood of Fed outpacing the ECB in raising rates . 

•The pair is approaching support at 1.5469,a daily close below   will accelerate towards 1.4968(Lower BB).

 • From a technical viewpoint, the moving averages are pointing downwards, while the RSI  is strongly bearish at 21.

• Immediate resistance is located at 1.5177 ( 38.2%fib), any close above will push the pair towards 1.5240 ( 5DMA).

• Strong support is seen at 1.5063 (23.6%fib) and break below could take the pair towards 1.5000(Psychological level.

Recommendation: Good to sell around 1.5070, with stop loss of 1.5160 and target price of 1.4950