• EUR/AUD declined on Wednesday as Aussie outperformed euro as risk sentiment improved across the board .
•Relaxation of COVID rules in China sent investors bidding for risky currencies like Australian dollar.
•The pair dropped to test 1.5433(23.6% fib). A break under would unmask 1.5350 level .
•Technical lean bearish, RSI is trending lower at 40,momentum studies, 9, 11 DMAs falling southwards.
•Immediate resistance is located at 1.5541 ( 38.2% fib), any close above will push the pair towards 1.5605 (Dec 14th high)
•Support is seen at 1.5433(23.6% fib) and break below could take the pair towards 1.5389 (38.2% fib).
Recommendation: Good to sell around 1.5490, with stop loss of 1.5600 and target price of 1.5400.
