FxWirePro: EUR/AUD gains some upside momentum but still bearish

• EUR/AUD recovered some ground on Thursday after initially falling as Russian invasion of Ukraine slugged global  markets and soured risk sentiment.

• EUR/AUD fell as low as 1.5558 before buyers returned. EUR/AUD rally stalled at 1.5680(38.2%fib) and pressure now shifts to the downside.

• Technical signals are bearish as RSI is at 40, daily momentum studies  10,11 and 14 DMAs are trending down. 

• Immediate resistance is located at 1.5680 ( 38.2%fib), any close above will push the pair towards 1.5762 (50%fib).

• Support is seen at 1.5592 (Lower BB ) and break below could take the pair towards 1.5576 (23.6%fib).

Recommendation: Good to sell   around 1.5650, with stop loss of 1.5760 and target price of 1.5550.