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FxWirePro:EUR/AUD key support gives Way, as Australian inflation jumps
•EUR/AUD declined on Wednesday as AUD jumped on hotter than expected Aussie CPI.
• Australian inflation shot to a 33-year high last quarter as the cost of travel and electricity jumped.
• EUR/AUD drops below 38.2% fib. Break lower 1.5325(23.6% fib) risks run towards 1.5250 level in the short term.
• Technical signals are bearish as RSI is heading down at 41, daily momentum studies 5, 9 and 11 DMAs are trending down.
• Immediate resistance is located at 1.5544(38.2% fib), any close above will push the pair towards 1.5510 (5DMA).
•Strong support is seen at 1.5325(23.6% fib) and break below could take the pair towards 1.5132 (15th Nov low).
Recommendation: Good to sell on rally around 1.5400 with stop loss of 1.5530 and target price of 1.5320
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