FxWirePro:EUR/AUD key support gives Way, as Australian inflation jumps

•EUR/AUD declined on Wednesday   as AUD jumped on hotter than expected Aussie CPI.

• Australian inflation shot to a 33-year high last quarter as the cost of travel and electricity jumped.

•  EUR/AUD drops   below 38.2% fib. Break lower 1.5325(23.6% fib) risks run towards   1.5250 level in the short term.

• Technical signals are bearish as RSI is heading down  at 41, daily momentum studies  5, 9 and 11 DMAs are trending down. 

• Immediate resistance is located at 1.5544(38.2% fib), any close above will push the pair towards 1.5510 (5DMA).

•Strong  support is seen at 1.5325(23.6% fib) and break below could take the pair towards 1.5132 (15th Nov low).

Recommendation: Good to sell on rally around 1.5400 with stop loss of 1.5530 and target price of 1.5320