• EUR/AUD declined on Friday as renewed fears about an economic slowdown in the euro zone weighed on euro.
• The single currency has been battered in recent weeks on fears that the economy suffer from the fallout of the war in Ukraine.
• A daily inverted hammer has formed while falling daily and monthly RSIs imply downside momentum is intact.
•Immediate resistance is located at 1.5126 ( 5DMA), any close above will push the pair towards 1.5175 (23.6% fib)
• Support is seen at 1.4972 (38.2%fib) and break below could take the pair towards 1.4814 (50%fib).
Recommendation: Good to sell on rally around 1.5000 with stop loss of 1.5200 and target price of 1.4900
