FxWirePro: EUR / AUD recovery facing a steep rock, likely to falter

• EUR / AUD  recovered some ground  on Wednesday  as  soured risk sentiment and lower  equities and copper  prices weighed on Australian dollar.

• In an up-and-down session, the pair hit low at 1.5986 in early trading then gained towards 1.6073.

• Technical signals show the pair could lose more ground in the short-term as RSI is at 39  , daily momentum studies  5, 9 and 11 DMAs are trending down.

• Immediate resistance is located at 1.6108 (5DMA), any close above will push the pair towards 1.6127(50%fib).

• Strong support is seen at 1.5965(38.2%fib) and break below could take the pair towards 1.5861 (March 20th low )

Recommendation: Good to sell around 1.6090 with stop loss of 1.6160  and target price of 1.6000