FxWirePro: EUR/AUD extends weakness on 'Symmetric Triangle' breach, eyes 76.4% Fib at 1.5631

EUR/AUD chart - Trading View 

• EUR/AUD is extending breach below 'Symmetric Triangle' and 200-DMA.
   
• Data released by Eurostat showed Eurozone flash CPI annual reading came in at 1.4% in March, missing expectations of 1.5% and 1.5% previous. 
   
• Meanwhile, the core figures eased to 0.8% in the reported month when compared to 0.9% expectations and 1.0% previous.
   
• Weaker-than-expected Eurozone inflation data likely to keep the single currency subdued.
   
• The pair has slipped below 61.8% Fib ans is on track to test 76.4% Fib at 1.5631.
   
• Technical indicators are biased lower, RSI is well below 50, bias lower. Momentum with the bears.
   
• Price action has slipped below 55-W EMA and retrace above 200-DMA could negate downside bias.

Call update: Our previous call (https://www.econotimes.com/FxWirePro-EUR-AUD-short-setup-on-Symmetric-Triangle-breach-1516339) is approaching final targets.

Recommendation: Book partial profits at lows, stay short for further downside.

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.