FxWirePro:EUR/AUD heads deeper into bear territory, bears plotting path toward 1.6000

• EUR/AUD declined on Thursday  as concerns about growth in the euro zone and the impact of the Ukraine-Russia conflict weighed on the euro.

• Ukraine reported that Russia launched what seemed to be an intercontinental ballistic missile, potentially marking the first use of a long-range nuclear strike weapon in the conflict.

• Investors remained cautious, carefully navigating the volatility of the Russia-Ukraine conflict. Amid this uncertainty, the appeal of safe-haven assets such as gold and the U.S. dollar strengthened.

• Technical signals are bearish as RSI has turned sharply lower, daily momentum studies  5, 9 and 11 SMAs are trending down. 

• Immediate resistance is located at 1.6191(50 %fib), any close above will push the pair towards 1.6282(50%fib)

• Support is seen at 1.6071(23.6 %fib ) and break below could take the pair towards 1.6014(Lower BB).

Recommendation: Good to sell   around 1.6100 , with stop loss of 1.6200and target price of 1.6000