• EUR/AUD declined on Tuesday as after data showed German ZEW economic sentiment indicator fell for a fifth month in a row.
• EUR/AUD shorts are looking for 1.5636 (23.6 %fib ) barriers .If that hurdle gives way, tests of 1.5585(Lower BB) could be possible.
• At GMT 21:11, the pair was trading down 0.01 percent at 1.5723.
• Technical signals are bearish as RSI is heading down at 30, daily momentum studies 5, 9 and 1 DMAs are trending down.
• Immediate resistance is located at 1.5730 ( 38.2%fib), any close above will push the pair towards 1.5757(Daily high)
• Support is seen at 1.5636 (23.6 %fib ) and break below could take the pair towards 1.5585(Lower BB).
Recommendation: Good to sell on rally around 1.5700, with stop loss of 1.5780 and target price of 1.5610.
