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.