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FxWirePro:EUR/AUD downside pressure builds,key support level in focus

• EUR/AUD declined on Monday as  pair attracted seller as weekend news suggested EU energy crisis was worsening.

• EUR/AUD outlook negative as rising energy costs and hawkish ECB threaten economy. Only a break above   1.47171 (38.2 %fib) resistance would ease the downward pressure

• Technical signals are bearish as RSI is heading down  at 49, daily momentum studies  5, 9 and 11 DMAs are trending down. 

• Strong resistance is located at 1.47171 (38.2 %fib), any close above will push the pair towards 1.4745(Higher BB)

• Strong support is seen at 1.4565 (23.6 %fib ) and break below could take the pair towards 1.4530 (9DMA).

Recommendation: Good to sell on rally around 1.4610, with stop loss of 1.4670 and target price of 1.4510.
 

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