• EUR/AUD declined on Thursday as easing fears of fallout from the Omicron coronavirus variant supported higher risk currencies such as the Australian dollar .
• The pair is currently approaching support at 1.5617,break below is likely to push the pair further downside towards 1.5500.
• Technical signals are bearish as RSI is at 43, daily momentum studies 5, 9 and 11 DMAs are trending down.
• Immediate resistance is located at 1.5713( 50%fib), any close above will push the pair towards 1.5750(9DMA)
• Immediate support is seen at 1.5617 (38.2%fib ) and break below could take the pair towards 1.5504 (23.6%fib).
Recommendation: Good to sell around 1.5660, with stop loss of 1.5720 and target price of 1.5500.
