• EUR/AUD declined on Friday as risk sentiment improved on hopes China's economy would strengthen as COVID-19 curbs eased.
• The risk sensitive Aussie dollar , which is strongly tied to Chinese growth, was one of the best performing major currency, rising 0.67% to $1.5487 against euro.
• From a technical viewpoint, the moving averages are pointing downwards, while the RSI is bearish at 49.
• Immediate resistance is located at 1.5603 ( 5DMA), any close above will push the pair towards 1.5675 ( 38.2%fib).
• Strong support is seen at 1.5455 (50%fib) and break below could take the pair towards 1.5293 (Lower BB).
Recommendation: Good to sell around 1.5500, with stop loss of 1.5590 and target price of 1.5420.
