• EUR/AUD gained on Friday after an above-forecast U.S. non-farm payrolls report , but the move higher lacked momentum as investors were concerned about Eurozone inflation .
• The pair inability to hold gains above 1.4936, 50% fib, may increases the likelihood of a drop towards 1.4750 level.
• Technical signals are bearish as RSI is bullish at 45, daily momentum studies 5 and 11 DMAs are trending down.
• Immediate resistance is located at 1.4880( 5DMA), any close above will push the pair towards 1.4936 (50% fib)
• Immediate support is seen at 1.4782 (38.2% fib) and break below could take the pair towards 1.4714(May 3rd low).
Recommendation: Good to sell on around 1.4870, with stop loss of 1.4950 and target price of 1.4780
