FxWirePro: EUR/AUD key support held, downside risk remains

• EUR/AUD initially dipped but recovered some ground   as investors tried  to balance ECB and geopolitical risks.

• EUR/AUD  erased some losses following  surprise in Germany's February Ifo reinforced investor expectations that the ECB will begin tightening policy and hiking rates.

• EUR/AUD  failed to break support at 1.5578, bounced  toward 1.5650, a daily close below 
1.5578 (23.6%fib ) will accelerate further downside 

• Technical signals show the pair could lose more ground in the short-term as RSI is at 33 bearish, daily momentum studies 9, 10 and 11 DMAs are trending down.

• Immediate resistance is located at 1.5676 (38.2%fib), any close above will push the pair towards 1.5751 (9DMA)

• Support is seen at 1.5578 (23.6%fib ) and break below could take the pair towards 1.5500 (Psychological level).

Recommendation: Good to sell on rally around 1.5650, with stop loss of 1.5760 and target price of 1.5570.