• EUR/AUD recovered some ground from initial decline as declining Omicron fears allowed investors to unwind short positions .
• EUR/AUD recovers towards above 1.5830 and holds near the day's high in US session.
• Bulls will need a clear 1.5909 ( 50% fib) to take greater control, failure to break higher will spur fresh downward momentum.
• Technical signals are bearish as RSI has turned lower, moving averages 9 and 11 DMA’s are trending lower
• Immediate resistance is located at 1.5876 ( 11DMA), any close above will push the pair towards 1.5909 ( 50% fib).
• Immediate support is seen at 1.5790 (38.2%fib) and break below could take the pair towards 1.5727 (21DMA).
Recommendation: Good to sell around 1.5850, with stop loss of 1.5960 and target price of 1.5800.
