• EUR/AUD declined on Thursday as the pair attracted selling after ECB event .
• European Central Bank raised its recovery outlook and pledged to keep stimulus flowing.
• The pair, already trading lower on the day, extended its drop to hit 1.5695, a lowest since 8th June, it was down 0.31% on the day.
• Technical signals show the pair could lose more ground in the short-term as RSI is at 49 bearish, daily momentum studies 5, 9 and 10 DMAs are trending down.
• Immediate resistance is located at 1.5730 ( 50%fib), any close above will push the pair towards 1.5771(61.8%fib).
• Strong support is seen at 1.5693 (38.2%fib) and break below could take the pair towards 1.5666(30 DMA).
Recommendation: Good to sell on rallies around 1.5720, with stop loss of 1.5800 and target price of 1.5660.
