• EUR/AUD dipped on Wednesday as investors remained short on the pair ahead of Thursday’s European Central Bank policy meeting.
• European Central Bank focus will be on the bank’s messaging after it failed to raise its emergency bond purchases during the recent sell-off.
• EUAUD stood at 1.5434, having recovered from 1.5395 (Daily low). EURAUD has managed to stay clear of major support around 1.5354( 23.6%fib).
• Daily techs favours bearish sentiment, RSI is at 41 and pair trades below 5,9 & 11-DMAs.
• Resistance is located at 1.5446 ( 5DMA) and at 1.5495 (38.2%fib).
• Support is found at 1.5354( 23.6%fib) and at 1.5285 (Lower BB).
Recommendation: Good to sell around 1.5440 with stop loss of 1.5600 and target price of 1.5350.
