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FxWirePro: EUR/AUD neutral in the near term, scope for downward resumption

• EUR/AUD declined on Tuesday as Australian dollar strengthen after RBA minutes suggested  more hikes due.

• The Aussie advanced against euro following the release of the minutes, as markets firmed up on expectations for a months-long period of further policy tightening.

• 38.2% fib at 1.4776 remains an impediment,  break of that level will lead to test of lower BB.

• From a technical viewpoint, RSI  is strongly bearish at 41, daily momentum studies, 5, 10 and 9 daily  Mas are trending down.

• Immediate resistance is located at 1.4856 (5DMA), any close above will push the pair towards 1.4795 (50% fib).

• Immediate support is seen at 1.4776 (38.2% fib) and break below could take the pair towards 1.4666 (Lower BB).

Recommendation: Good to sell around 1.4830, with stop loss of 1.4900, and target price of 1.4730.

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