• EUR/AUD recovered some ground on Thursday as oversold conditions contributed euro's slight bounce.
• Pair has traded a 78 pip range thus far Thursday, 1.5859-1.5781,positioning still remains bearish.
• Technical are bearish as RSI is at 36, daily momentum studies 10,11 and 14 DMAs are trending down.
• On the upside, Immediate resistance is located at 1.5864 (5DMA), any close above will push the pair towards 1.5890 (38.2%fib).
• On the downside, support is seen at 1.5766 (23.6% fib ) and break below could take the pair towards 1.5746 (Lower BB).
Recommendation: Good to sell around 1.5880, with stop loss of 1.5950 and target price of 1.5750.
