• EUR/AUD rose higher initially on Wednesday but gave up most of the ground as worries that major economies will tip into recession attracted sellers
• EUR/ AUD approached to test resistance 1.5749 (23.6% fib) but retreated as bulls lost strength.
• EUR/AUD drops below the 1.5632(38.2% fib), slide halts at the 1.5610(5DMA),break below will accelerate towards 1.5550 level.
• Immediate resistance is located at 1.5632(38.2% fib), any close above will push the pair towards 1.5748 (23.6% fib).
• Strong support is seen at 1.5610(5DMA) and break below could take the pair towards 1.5538(50% fib)
Recommendation: Good to sell around 1.5630, with stop loss of 1.5700 and target price of 1.5540
