• EUR/AUD declined on Wednesday as dovish ECB comments pushed euro lower.
• ECB board member Fabio Panetta on Wednesday said the ECB should not reduce the pace of asset purchases as the economic recovery is in an early phase and inflation remains too low.
• At GMT 20:21, the pair was trading down 0.28 percent at $1.5749 after reaching daily low at 1.5722.
• A daily bearish candle has formed and daily RSI is falling again both of which highlight bearish technicals.
• Immediate resistance is located at 1.5810 ( Higher BB), any close above will push the pair towards 1.5840( 23.6% fib)
• Strong support is seen at 1.5722 (38.2% fib) and break below could take the pair towards 1.6698 (10DMA).
Recommendation: Good to sell around 1.5750, with stop loss of 1.5850 and target price of 1.5680.
