• EUR/AUD declined on Wednesday as Iron-ore , copper gains contributed to AUD 's buoyancy.
• Copper prices rallied on Wednesday to a seven-week peak, underpinned by a brighter demand outlook and supply tightness in top consumer China
• At GMT 16:48, the pair was trading down 0.23 percent at $1.5903.
• Technical signals are bearish as RSI is heading down at 40, daily momentum studies 5, 9 and 11 DMAs are trending down, bolster bearish momentum.
• Strong resistance is located at 1.5949( 5DMA), any close above will push the pair towards 1.6027(38.2%fib)
• Immediate support is seen at 1.5876 (23.6 %fib ) and break below could take the pair towards 1.5841 (Lower BB).
Recommendation: Good to sell around 1.5910, with stop loss of 1.5980 and target price of 1.5820
