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FxWirePro:EUR/AUD poised at critical support, looking vulnerable

• 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.
 

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