• EUR/AUD recovered some ground on Thursday as upbeat Euro zone economic sentiment data supported the pair.
• The European Commission’s monthly sentiment survey showed economic optimism in the 19 countries sharing the euro rose to 93.4 points this month from 91.5 in January, beating expectations
• EUR/AUD traded up to1.5367 and was around to 1.6359 into the US afternoon, close above 1.6440(9DMA) is needed to end the downside bias.
• Technical signals are bearish as RSI is at 34, daily momentum studies 14, 20 and 21 DMAs are trending down.
• Immediate resistance is located at 1.5362 ( Daily high), any close above will push the pair towards 1.5392 (61.8%fib)
• Support is seen at 1.5247 (38.2%fib ) and break below could take the pair towards 1.5147 (23.6% fib).
Recommendation: Good sell around 1.6240, with stop loss of 1.6350 and target price of 1.6152.
