FxWirePro:EUR/AUD changes short term trend from bullish to bearish

• EUR/AUD declined on Wednesday as risk sentiment in the market faltered on rising  COVID concerns, while Australian dollar was supported by  upbeat retail data.

• Australian retail sales outperformed expectation in March in a positive sign for the economy as increasing housing prices and increase  in employment boosted consumer confidence.

• The pullback from the yesterdays high has passed through the 23.6% fibonacci retrace level at 1.5530 and now eyes 30DMA at 1.5473.

• The pair has traded a 100 pip range thus far Tuesday, 1.5608 -1.5508 .Unless there is major news downtrend  looks set to extend.

• Technical signals  bearish as RSI is 49, daily momentum studies  9, 11 and 21 DMAs are trending down. 

•   Immediate resistance is located at 1.5608 ( Daily high), any close above will push the pair towards 1.5645 (Higher BB)

• Strong support is seen at 1.5473 (30DMA ) and break below could take the pair towards 1.5361 (Lower BB).

Recommendation: Good to sell on rallies around 1.5520, with stop loss of 1.5640 and target price of 1.5450.