• EUR/AUD recovered some ground on Wednesday as the pair was aided by profit taking on shorts.
• EUR/AUD gained 0.06 percent but gains were limited as fears Europe energy crisis would lead to recession continue to weigh on euro.
• Technical signals are bearish as RSI is at 43, daily momentum studies 9,11,14 DMA are trending south.
• Immediate resistance is located at 1.4948 (9DMA ), any close above will push the pair towards 1.5047 (38.2%fib).
• Strong support is seen at 1.4780 (23.6%fib) and break below could take the pair towards 1.4703 (Lower BB).
Recommendation: Good to sell around 1.4950 with stop loss of 1.5080 and target price of 1.4890.
