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FxWirePro:EUR/AUD outlook weaker on renewed downside pressure

• EUR/AUD declined on Wednesday as  Australian dollar was bolstered by Australian inflation data and investors  RBA expectations.

• EUR/AUD continued its downward march holding below 5DMA   and 38.2%fib resistence. 

• Technical signals are bearish as RSI is heading down  at 26, daily momentum studies  5, 9 and 11 DMAs are trending down. 

• Immediate resistance is located at 1.5471( 5 DMA), any close above will push the pair towards 1.5552 (38.2%fib)

• Strong support is seen at 1.5423 (23.6%fib ) and break below could take the pair towards 1.5336(Lower BB).

Recommendation: Good to sell   around 1.5430, with stop loss of 1.5500 and target price of 1.5370.
 

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