• EUR/AUD declined on Wednesday as improved risk appetite and fading China concerns boosted Australian dollar against euro.
• EUR/AUD drops swiftly from 1.5554 to 1.5434. Break lower 1.5426 (50%fib )risks run towards1.5300.
• Technical are bearish, daily RSI is turning negative , daily momentum studies 9 and 10 DMAs are trending down.
• Immediate resistance is located at 1.5479 (5DMA ), any close above will push the pair towards 1.5568(Higher BB).
• Strong support is seen at 1.5426 (50%fib ), and break below could take the pair towards 1.5338(Lower BB).
Recommendation: Good to sell on around 1.5450 with stop loss of 1.5550 and target price of 1.5380
