• EUR/AUD slide extended on Wednesday as risk-sentiment drove Australian dollar further up against euro.
• The pair, already trading lower on the day, extended its drop to hit 1.5302, lowest since 3rd Dec 2018.
• EUR/AUD bears confidence is running high, a fall towards 1.5200 highly seems likely.
• Technical lean bearish, RSI is bearish at 26, momentum studies, 9, 11 DMAs falling southwards.
• On the upside, Immediate resistance is located at 1.5386 (5DMA), any close above will push the pair towards 1.5410(38.2%fib)
• Strong support is seen at 1.5227 (23.6%fib ) and break below could take the pair towards 1.5200(Psychological level).
Recommendation: Good to sell on rally around 1.5350, with stop loss of 1.5450and target price of 1.5220.
