• EUR/AUD initial gained Wednesday but gave up ground as Eurozone gas supply issues continued to weigh on euro.
• Euro is under pressure since Monday on the back of latest natural gas supply-related headlines out of Russian gas supplies through the main Nord Stream 1 pipeline.
• Technical are bearish, daily RSI is negative at 40, daily momentum studies 5,8 and 11 DMAs are trending down.
• Immediate resistance is located at 1.4642(5 DMA), any close above will push the pair towards 1.6925 (July 25th high).
• Immediate support is seen at 1.4352 (23.6 % fib) and break below could take the pair towards 1.4321 (Lower BB).
Recommendation: Good to sell around 1.4430, with stop loss of 1.4550 and target price of 1.4300.
