• EUR/AUD strengthened on Wednesday as hopes for de-escalation of Russia-Ukraine crisis buoyed the pair .
• The pair has hit lows not seen since 2017 July as the euro bears the brunt of fears over the negative economic impact of the Ukraine conflict.
• Technical daily momentum studies 5, 9 and 10 DMAs are trending down while fourteen-day momentum is negative, reinforcing the overall bearish market .
• EUR/AUD rally shows investor sensitivity to Ukraine risk,ECB meeting, release of US Feb CPI are key risks for Thursday.
• Immediate resistance is located at 1.5149 ( 50%fib), any close above will push the pair towards 1.5203 (61.8%fib).
• Strong support is seen at 1.4967 (38.2% fib) and break below could take the pair towards 1.4750 (23.6% fib).
Recommendation: Good to sell on rally around 1.5150, with stop loss of 1.5250 and target price of 1.5050.
