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FxWirePro: EUR/AUD downtrend loses steam but outlook still bearish
• EUR/AUD gained some ground on Thursday as recovery was aided by some profit-taking.
• EUR/AUD fell as low as 1.5601 before buyers returned .EUR/AUD moving higher into the US afternoon and is sitting around 1.5659.
•Key support for EUR/AUD is at the 1.5605 (23.6% fib). A close below 1.5605 would be a strong negative signal
• Technical signals are bearish as RSI is at 35, daily momentum studies 10,11 and 14 DMAs are trending down.
• On the upside, Immediate resistance is located at 1.5677 ( 5DMA), any close above will push the pair towards 1.5700 (38.2%fib)
• On the downside, support is seen at 1.5605 (23.6% fib ) and break below could take the pair towards 1.5506 (Lower BB).
Recommendation: Good to sell around 1.5660, with stop loss of 1.5740 and target price of 1.5530.