• EUR/AUD declined on Tuesday as risk sentiment improved on hopes that China would reopen from COVID shutdowns.
• The risk sensitive Aussie dollar , which is strongly tied to Chinese growth, was the best performing major currency, rising 0.02% to $1.5441 against euro.
• From a technical viewpoint, the moving averages are pointing downwards, while the RSI is bearish at 49.
• Immediate resistance is located at 1.5474 ( 9DMA), any close above will push the pair towards 1.5573 ( 38.2%fib).
• Strong support is seen at 1.4373 (50%fib) and break below could take the pair towards 1.5312(Lower BB).
Recommendation: Good to sell around 1.5440, with stop loss of 1.5560 and target price of 1.5370.
