• EUR/ AUD eased on Wednesday but down side was limited as market assessed political uncertainties in France.
• The left-wing and centrist parties performed better than the right-wing National Rally, but no party secured enough votes to form a government, leading to a hung parliament.
•Political risks in France could impact other fiscally weak Eurozone members like Italy, spook foreign investors.
• Technical signals show the pair could lose more ground in the short-term as RSI is at 36,while moving averages and MACD are trending lower.
• Immediate resistance is located at 1.6097( 5DMA), any close above will push the pair towards 1.6147 (38.2%fib).
• Immediate support is seen at 1.6028 (23.6%fib) and break below could take the pair towards 1.6008(Lower BB).
Recommendation: Good to sell around 1.6030, with stop loss of 1.6100 and target price of 1.5950
