FxWirePro:EUR/AUD gains some upside momentum but still bearish
• EUR/AUD recovered some ground on Wednesday as markets reconsidered a brief surge in rate-hike betting in the wake of U.S. CPI report.
• EUR/AUD is holding above 1.5700, just above important supports at 1.5640 (23.6 %fib ).
• EUR/AUD shorts are looking for break of 23.6 %fib barrier .If that hurdle gives way, test of 1.5614 (Lower BB) could be possible.
• Technical signals are bearish as RSI is at 32, daily momentum studies 11, 14 and 21 DMAs are trending down.
• Immediate resistance is located at 1.5743 ( 38.2%fib), any close above will push the pair towards 1.5798(9DMA)
• Support is seen at 1.5640 (23.6 %fib ) and break below could take the pair towards 1.5614(Lower BB).
Recommendation: Good to sell around 1.5730, with stop loss of 1.5800 and target price of 1.5630.