• EUR/AUD dipped on Tuesday as rally in equities, copper, iron-ore rallies help buoy Australian dollar against euro.
• Pair fell below the 5-DMA, hit a session low of 1.4767 before bouncing, China May trade balance, ECB meeting, US May CPI are key risks which loom
• From a technical viewpoint, RSI is bearish at 43 daily momentum studies, 5, 10 and 11 are trending down.
• Immediate resistance is located at 1.4825 (5DMA), any close above will push the pair towards 1.4917(38.2%fib).
• Immediate support is seen at 1.4764(50%fib)and break below could take the pair towards 1.4703(Lower BB).
Recommendation: Good to see around 1.4810, with stop loss of 1.4800 and target price of 1.4700
