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