• EUR/AUD edge lower on Thursday as dovish steer from ECB President Lagarde weighed on euro.
• Lagarde said there was no clear timeframe for when rates would start to rise, adding that it could be weeks or even several months after the end of the ECB's stimulus scheme.
• Selling pressure will remain in the short-term, only a move above 1.4868(50% fib) strong resistance will shift bias higher.
• Technical signals are bearish as RSI is at 34, daily momentum studies 5, 9 and 10 DMAs are trending down.
• Immediate resistance is located at 1.4650( 5DMA), any close above will push the pair towards 1.4868(50% fib)
• Support is seen at 1.4531 (23.6% fib) and break below could take the pair towards 1.4353 (Lower BB).
Recommendation: Good to sell around 1.4620, with stop loss of 1.4800 and target price of 1.4420.
