• EUR/AUD declined on Wednesday as renewed concerns about the impact of as rising energy prices in Eurozone weighed on euro.
• The pair, already trading lower on the day, extended its drop to hit 1.4923, lowest since 16th June.
• Technical signals show the pair could lose more ground in the short-term as RSI is at 46 bearish, daily momentum studies 9, 10 and 11 DMAs are trending down.
• Immediate resistance is located at 1.5074 ( 50%fib), any close above will push the pair towards 1.5153 (5DMA).
• Immediate support is seen at 1.4975 (38.2%fib) and break below could take the pair towards 1.4867 (23.6% fib).
Recommendation: Good to sell around 1.5040, with stop loss of 1.5150 and target price of 1.4950.
