• EUR/AUD initially gained on Friday but gave up ground as investors appeared unwilling to take a risk on bullish signs as long as the Russia-Ukraine conflict remained a threat.
• Recent recovery attempt has been short- lived as Investors kept their focus on Ukraine.
• Technicals continue to highlight downside risks as RSI is heading down at 28, daily momentum studies 5, 9 and 11 DMAs are trending down.
• Immediate resistance is located at 1.5088 ( 50% fib), any close above will push the pair towards 1.5221(11DMA)
• Support is seen at 1.4907(38.2%fib ) and break below could take the pair towards 1.4694(23.6%fib).
Recommendation: Good to sell on rally around 1.5020, with stop loss of 1.5100 and target price of 1.4900.
