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FxWirePro: USD/ZAR recovers some ground but outlook is bearish 
• EUR/AUD declined on Tuesday as higher European gas prices reignited worries about recession in Eurozone
• Data showed business growth across the Eurozone slowed further last month, with forward looking indicators suggesting the region could slip into decline this quarter.
• S&P Global's final composite Purchasing Managers' Index (PMI), seen as a good guide to economic health, fell to a 16-month low of 52.0 in June from May's 54.8
• At GMT 13:39, the pair was trading down 0.13 percent at 1.5136
• Technical signals are bearish as RSI is heading down at 49, daily momentum studies 5, 9 and 11 DMAs are trending down.
• Immediate resistance is located at 1.5228 ( 50% fib), any close above will push the pair towards 1.5346 (July 4th high)
• Support is seen at 1.5109 (21DMA ) and break below could take the pair towards 1.5040(61.8%fib).
Recommendation: Good to sell around 1.6150, with stop loss of 1.6260 and target price of 1.6050
