FxWirePro: EUR/AUD breach of trendline support raises scope for further downside, 1.4970 likely target

EUR/AUD has breached strong trendline support at 1.5070 after 3 weeks of the choppy range trade. 

• Price action is well below the cloud, Stochs have shown a bearish crossover and rolled-over from overbought levels, RSI on dailies and weeklies is biased lower.
   
• 5-DMA at 1.5115 is immediate resistance on the upside, while support is seen at 1.5032 (Dec 17th low).
   
• Retracement upto 1.4964 which is 38.2% Fib of 1.4348-1.5343 rise looks likely, further downside could see 1.49 levels.
   

Recommendation: Good to sell rallies around 1.5070 levels, SL: 1.5120, TP1: 1.4970, TP2: 1.49