• EUR/AUD declined on Wednesday as improvement in global risk appetite saw riskier currencies like Australian dollar gain.
• At GMT 17:41, the pair was trading down 0.32 percent at 1.5507 after reaching daily low at 1.5488.
• Selling pressure will remain in the short-term, only a significant move above 1.5680 ( 38.2% fib) strong resistance will shift the bias higher.
• Technical signals are bearish as RSI is heading down at 27, daily momentum studies 5, 9 and 11 DMAs are trending down.
• Immediate resistance is located at 1.5582 (23.6%fib), any close above will push the pair towards 1.5654 ( 9DMA).
• Strong support is seen at 1.5491 (Daily low ) and break below could take the pair towards 1.5447 (Lower BB).
Recommendation: Good to sell around 1.5520, with stop loss of 1.5600 and target price of 1.5450.
