• EUR/AUD declined on Friday as downbeat March German Ifo and the ongoing Russia-Ukraine crisis weighed on the pair.
• German business morale plummeted in March as companies worried about rising energy prices, driver shortages and the stability of supply chainsin the wake of the war in Ukraine
• EUR/AUD dived below the 23.6% fib and trades down to a 1.4600 low.
• Technical lean bearish, RSI is 27, momentum studies 5, 9, 11 DMAs falling southwards.
• Immediate resistance is located at 1.4702 ( 23.6% fib), any close above will push the pair towards 1.4865 (38.2% fib)
• Support is seen at 1.4600 (Daily low ) and break below could take the pair towards 1.4533 (Lower BB).
Recommendation: Good to sell on rally around 1.4610 with stop loss of 1.4700 and target price of 1.4500 .
