• EUR/AUD declined on Tuesday as markets turned more positive on riskier assets like Australian dollar.
• U.S. equity markets rallied on Wednesday, as investors shrugged off worries about the market and economic impact of the war in Ukraine.
• Selling pressure will remain in the short-term, only a move above 1.5180 ( 50 % fib) strong resistance will shift the bias higher.
• Technical signals show the pair could lose more ground as RSI is at 30 bearish, and 9, 11,21 DMA’s are trending south.
• Immediate resistance is located at 1.4874 (5DMA), any close above will push the pair towards 1.4980(38.2%fib).
• Immediate support is seen at 1.4744 (23.6%fib) and break below could take the pair towards 1.4594(Lower BB).
Recommendation: Good to sell round 1.4800 with stop loss of 1.4985 and target price of 1.4630
