• EUR/AUD initially gained on Wednesday but reversed course after emergency ECB meeting.
• The pair gained after ECB announced it will skew reinvestments of maturing debt to help more indebted members but reversed course on view that ECB's proposed measures were not enough
• At GMT 17:34, the pair was trading down 1.23 percent at 1.4967 after reaching daily low at 1.5202
• The pair has picked up downside momentum and is approaching 1.4921 (38.2% fib). A close below will opens up 1.4850 level .
• Immediate resistance is located at 1.5000( 5DMA), any close above will push the pair towards 1.5152 (50%fib).
• Strong support is seen at 1.4921 (38.2% fib) and break below could take the pair towards 1.4825 ( 10th June low).
Recommendation: Good to sell around 1.4980, with stop loss of 1.5100 and target price of 1.4850
