• EUR/AUD initially gained on Tuesday but fell as investors assessed mixed U.S. inflation data for January .
• U.S. inflation data showed consumer price pressures eased for some goods and services, but accelerated for others.
• EUR/AUD is now on course to register a close below the 1.5347(23.6%fib), chart points to bigger drop towards 1.5300.
• Technical signals show the pair could lose more ground in the short-term as RSI is at 45 bullish, daily momentum studies 5, 9 and 11 DMAs are trending down.
• Immediate resistance is located at 1.5427(5DMA), any close above will push the pair towards 1.5503 (38.2%fib).
• Strong support is seen at 1.5347(23.6%fib) and break below could take the pair towards 1.5247 (Lower BB ).
Recommendation: Good to sell around 1.5400 with stop loss of 1.5500 and target price of 1.5340
