• EUR/AUD initially gained on Wednesday, but rally fizzled as euro was weighed down by downbeat German retail sales data.
• EUR/AUD hits daily high at 1.5803 but reverses course to trade at 1.5746 in afternoon US session.
• Long upper candle shadow warns of further losses, bearish resumption is likely on a break back below 38.2% fib at 1.5730
• Immediate resistance is located at 1.5814( 38.2%fib), any close above will push the pair towards 1.5863(Higher BB).
• Support is seen at 1.5730 (50%fib) and break below could take the pair towards 1.5667 (20DMA).
Recommendation: Good to sell around 1.5720, with stop loss of 1.5800 and target price of 1.5620.
