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FxWirePro:EUR/AUD consolidating around 1.5400, bias is bearish

• EUR/AUD initially declined  on Tuesday but pared some losses as investors positioned for month-end 

• Selling pressure will remain in the short-term, only a move above 1.5538 (38.2%fib) strong resistance  will shift the bias higher.

• At GMT 14:54, the pair was trading down 0.02 percent   at 1.5396.

• Technical signals are bearish as RSI is heading down  at 43, daily momentum studies  5, 9 and 11 DMAs are trending down. 

• Immediate resistance is located at 1.5440 ( 9DMA), any close above will push the pair towards 1.5538 (38.2%fib).

• Support is seen at 1.5341 ( 23.6%fib)and break below could take the pair towards 1.5294(Lower BB).

Recommendation: Good to sell   around 1.5410, with stop loss of 1.5500 and target price of 1.5340.

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