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FxWirePro:EUR/AUD advantage bears but major supports holds, downside risk remains

• EUR/AUD declined on Wednesday as Iron-ore , copper gains contributed to AUD 's buoyancy.

• Copper prices rallied on Wednesday to a seven-week peak, underpinned by a brighter demand outlook and supply tightness in top consumer China

• At GMT 16:48, the pair was trading down 0.23 percent   at $1.5903.

•  Technical signals are bearish as RSI is heading down  at 40, daily momentum studies  5, 9 and 11 DMAs are trending down, bolster bearish momentum.

•  Strong resistance is located at 1.5949( 5DMA), any close above will push the pair towards 1.6027(38.2%fib)

• Immediate support is seen at 1.5876 (23.6 %fib ) and break below could take the pair towards 1.5841 (Lower BB).

Recommendation: Good to sell around 1.5910, with stop loss of 1.5980 and target price of 1.5820

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