• EUR/AUD declined on Wednesday as gains in equities, commodities and risk-on theme added to the AUD's shine.
• The Aussie also jumped on hopes that China will ease stringent COVID restrictions which have raised concerns about global growth.
• EUR/AUD droped swiftly from 1.15487. Break lower risks 1.5313(38.2%fib ) run towards 1.5220 level.
• Technical signals are bearish as RSI is heading down at 43, daily momentum studies 5, 9 and 11 DMAs are trending down.
• Immediate resistance is located at 1.5409 ( 5DMA), any close above will push the pair towards 1.5450 (50%fib)
• Support is seen at 1.5313(38.2%fib ) and break below could take the pair towards 1.5228(Lower BB).
Recommendation: Good to sell on rally around 1.5340, with stop loss of 1.5430 and target price of 1.5270.
