• EUR/AUD declined on Wednesday as downbeat euro zone sales data , broad dollar buying and soured risk sentiment attracted seller in the pair
• EUR/AUD is approaching 1.5877(23.6 %fib ) support, a break of which could trigger a drop to lower bollinger band.
• EUR/AUD is mired below downward sloping 10- and 21-day moving averages while falling daily RSIs imply downside momentum remains.
• Immediate resistance is located at 1.8101 ( 9 DMA), any close above will push the pair towards 1.8172 (11 DMA)
• Strong support is seen at 1.5877(23.6 %fib ) and break below could take the pair towards 1.5817 (Lower BB).
Recommendation: Good to sell around 1.5900, with stop loss of 1.6100 and target price of 1.5810.
