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FxWirePro:EUR/AUD gains some upside momentum but still bearish

• EUR/AUD initially gained on Thursday after upbeat German march manufacturing and Eurozone retail sales data but upside was limited as investors awaited fresh clues.

• EUR/AUD recovery from  1.5477 low was  rejected  by the  50% fib at 1.5571

• EUR/AUD remains vulnerable, only a break and daily close above 1.5630 (100DMA) will shift bias to the upside.

• Immediate resistance is located at 1.5571(50% fib), any close above will push the pair towards 1.5630 (100DMA).

• Strong support is seen at 1.5478 (38.2%fib) and break below could take the pair towards 1.5434(Lower BB).

Recommendation: Good to sell    around 1.5530, with stop loss of 1.5600 and target price of 1.5440

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