•EUR/AUD declined on Wednesday as Australian dollar strengthened on higher commodity prices and increased risk appetite.
•Oil prices rose more than 1% on Wednesday boosted by statements on the possible withdrawal of some Russian troops from around Ukraine.
•Technical signals are bearish as RSI is heading down at 47, daily momentum studies 5, 9 and 11 DMAs are trending down.
•Immediate resistance is located at 1.5811 ( 38.2% fib), any close above will push the pair towards 1.5890(50%fib)
•Support is seen at 1.5719 (23.6%fib ) and break below could take the pair towards 1.5651(Lower BB).
Recommendation: Good to sell on rally around 1.5800, with stop loss of 1.5900 and target price of 1.5720.
