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FxWirePro: EUR/AUD gains some upside momentum but still bearish

Wednesday, April 6, 2022 8:57 PM UTC

• EUR/AUD recovered some ground on Wednesday as the pair was aided by profit-taking on shorts.

• The pair is currently approaching resistance at 1.4578 (38.2% fib). Resistance at 1.4578 is likely to cap further upside in the pair.

• Technical signals are bearish as RSI is at 41, daily momentum studies 5, 9 and 10 DMAs are trending down.

• Immediate resistance is located at 1.4578 (38.2 % fib), any close above will push the pair towards 1.4646 (11DMA).

• Support is seen at 1.4318(23.6% fib) and break below could take the pair towards 1.4299 (Lower BB).

Recommendation: Good to sell on rally around 1.4520, with stop loss of 1.4670 and target price of 1.4450.

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FxWirePro: EUR/AUD gains some upside momentum but still bearish

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