FxWirePro:EUR/AUD dips below lower range, bearish bias increases

•EUR/AUD declined on Tuesday   as investors piled back into risky assets on easing recession fears and a less aggressive Federal Reserve.

•E EUR/AUD drops swiftly below 50% fib. Break lower 1.5394(38.2% fib)  risks run towards   1.5300 level in the short term.

• Technical signals are bearish as RSI is heading down  at 42, daily momentum studies  5, 9 and 11 DMAs are trending down. 

• Immediate resistance is located at 1.5500 ( Daily high), any close above will push the pair towards 1.5537 (50% fib)

•Strong  support is seen at 1.5394(38.2% fib) and break below could take the pair towards 1.5353 (Lower BB).

Recommendation: Good to sell on rally around 1.5450 with stop loss of 1.5530 and target price of 1.5380