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FxWirePro: EUR/AUD downtrend loses steam but outlook still bearish
• EUR/AUD strengthened on Monday as higher German 10-year yields supported euro ahead of ECB meeting .
• At GMT 18:31, the pair was trading 0.17% higher at 1.5512 , higher from daily low at 1.5444.
• EUR/AUD managed to move briefly above 1.5500 ,but is holding below old support-turned-resistance near 1.5534(38.2%fib).
• Technical lean bearish, RSI is lower at 49. While, moving averages are trending down.
• Immediate resistance is located at 1.5534 ( 38.2%fib), any close above will push the pair towards 1.5646 (Higher BB).
• Strong support is seen at 1.5480 (Ichimoku Cloud Base) and break below could take the pair towards 1.5358 (23.6%fib).
Recommendation: Good to sell on rallies around 1.5510, with stop loss of 1.5600 and target price of 1.5450.