• EUR/AUD declined on Wednesday as Aussie outperformed euro as risk sentiment improved.
• EUR/AUD chart has taken a turn for the worse after todays large drop.Overall risk growing for a bigger drop to retest 50%fib.
• Technical lean bearish, RSI is turning sharply lower, momentum studies, 9, 11 DMAs falling southwards.
• Immediate resistance is located at 1.5729 ( 14DMA), any close above will push the pair towards 1.5756 (61.8%fib)
• Strong support is seen at 1.5675 (50%fib ) and break below could take the pair towards 1.5593 (38.2% fib).
Recommendation: Good to sell on rally around 1.5710, with stop loss of 1.5800 and target price of 1.5640.
