• EUR/AUD initially gained on Monday but gave up some of the ground as recession fears in Eurozone deepened after warnings about a possible cut in Russian gas supplies..
• EUR/AUD gained towards 1.4978 but retreated on fears maintenance shutdown of single pipeline carrying Russian gas to Germany, Nord Stream 1, might be extended due the war in Ukraine .
• Bearish momentum is likely to pick below 1.5000 level, break & sustained close below the 1.4814 (38.2% fib) puts the1.4750 level in play.
• Immediate resistance is located at 1.4987 (50% fib ), any close above will push the pair towards 1.5035(9DMA).
•Immediate support is seen at 1.4814 (38.2% fib) and break below could take the pair towards 1.4747 (Lower BB).
Recommendation: Good to sell around 1.4910, with stop loss of 1.5030 and target price of 1.4750.
