FxWirePro: EUR/AUD drops to intra-day low after shying away from 1.5300

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FxWirePro: EUR/AUD drops to intra-day low after shying away from 1.5300

Tuesday, June 28, 2022 6:00 PM UTC

• EUR/AUD declined on Tuesday as comments ECB policymaker Pierre Wunsch weighed on euro.

• ECB policymaker Pierre Wunsch said the central bank should offer limitless support to fight borrowing costs due to fragmentation.Wunsch's comments weighed broadly on the euro.

• EUR/AUD drops below the 5-DMA , slide halts at the 1.5170(38.2%fib),break below will accelerate towards 1.5200 level.

• Immediate resistance is located at 1.5300 ( Daily high), any close above will push the pair towards 1.5344 (38.2%fib).

• Strong support is seen at 1.5170(38.2%fib) and break below could take the pair towards 1.5092 (14DMA).

Recommendation: Good to sell around 1.5210, with stop loss of 1.5350 and target price of 1.5100

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