• EUR/AUD declined on Thursday as recession concerns and the Russian-Ukranian war curbed demand for euro.
•Investors saw signs of progress in peace talks between Ukraine and Russia. But optimism faded out after Ukrainian President Volodymyr Zelenskiy said that no quick resolution is expected.
•The pair is approaching 38.2%fib at 1.4752,a daily close below will accelerate towards 1.4499 (23.6%fib support).
• From a technical viewpoint, the moving averages are pointing downwards, while the RSI is strongly bearish at 39.
• Immediate resistance is located at 1.4865 ( 14DMA), any close above will push the pair towards 1.4960 ( 50%fib).
• Strong support is seen at 1.4752 (38.2%fib) and break below could take the pair towards 1.4638 (March 29th low).
Recommendation: Good to sell around 1.4780, with stop loss of 1.4950 and target price of 1.4700
