• EUR/AUD declined on Tuesday as improving risk sentiment boosted riskier currencies such as the Australian dollar
• At GMT 17:08, the pair was trading down 0.43 percent at 1.5782.
• The pair is currently approaching support at 1.5782(50 %fib ),break at 1.5782 is likely to push the pair further downside.
• Technical signals are bearish as RSI is at 48, daily momentum studies 5, 9 and 11 DMAs are trending down.
• Immediate resistance is located at 1.5846 ( 14 DMA), any close above will push the pair towards 1.5879 (38.2%fib)
• Immediate support is seen at 1.5777 (50 %fib ) and break below could take the pair towards 1.5675(61%fib).
Recommendation: Good to sell around 1.5800, with stop loss of 1.5900 and target price of 1.5700.
