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FxWirePro:EUR/AUD seems poised to drop under major fibo support

• EUR/AUD declined on Thursday as easing fears of fallout from the Omicron coronavirus variant supported higher risk currencies such as the Australian dollar .

• The pair is currently approaching support at 1.5617,break below  is likely to push the pair further downside towards 1.5500.

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

• Immediate resistance is located at 1.5713( 50%fib), any close above will push the pair towards 1.5750(9DMA)

• Immediate support is seen at 1.5617 (38.2%fib ) and break below could take the pair towards 1.5504 (23.6%fib).

Recommendation: Good to sell around 1.5660, with stop loss of 1.5720 and target price of 1.5500.
 

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