FxWirePro: EUR/AUD key fibo pierced,more downside expected

•EUR/AUD declined on Wednesday as expectations of slower growth in eurozone, rising U.S. rates and technicals increased selling pressure .

•At GMT 15:53, the pair was trading 0.37% lower at 1.5772, lowest  since 29th Jan.  

•Technicals highlight downside risks for EUR/AUD.A clean break of the at 38.2% fib  has been made while daily   RSIs imply downside momentum remains.

•On the upside, Immediate resistance is located at 1.5794( 38.2%fib), any close above will push the pair towards 1.5844( 30 EMA).

•On the downside, support is seen at 1.5739 (21DMA) and break below could take the pair towards 1.5627 (23.6%fib).

Recommendation: Good to sell around 1.5780, with stop loss of 1.5900 and target price of 1.5680.