• EUR/AUD eased on Thursday as investors awaited European Central Bank rate decision for further direction.
•Euro zone economy was in a technical recession in the first three months of 2023. It got as high as $1.07870, the highest since May 24.
• From a technical viewpoint, the moving averages are pointing downwards, while the RSI is bearish at 37.
• Immediate resistance is located at 1.6073( 5DMA), any close above will push the pair towards 1.6122 ( 38.2%fib).
• Strong support is seen at 1.5983 (50%fib) and break below could take the pair towards 1.5875 (March 20th low).
Recommendation: Good to sell around 1.6080 with stop loss of 1.6140 and target price of 1.5990
