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

• EUR/AUD recovered some ground on Monday as market unwound EUR shorts against the   AUD on Ukraine peace hopes.

•Ukraine and Russia had been making ready on Monday for the first face-to-face peace talks in more than two weeks, however Russian President Vladimir Putin did not appear ready make compromises to stop the war.

• The pair is currently approaching resistance at 1.4752 ( 9DMA). Resistance at 1.4752 is likely to cap further upside in the pair.

• Technical signals are bearish as RSI is at 30, daily momentum studies  5, 9 and 10 DMAs are trending down. 

•   Immediate resistance is located at 1.4752 ( 9DMA), any close above will push the pair towards 1.4817 (38.2%  fib).

•  Strong support is seen at 1.4572 (23.6%  fib) and break below could take the pair towards 1.4418 (Lower BB).

 Recommendation: Good to sell on rally around 1.4680, with stop loss of 1.4780 and target price of 1.4600