• EUR/AUD declined on Thursday as the pair attracted sellers ahead of key Euro zone and U.S. inflation data .
• Spotlight this week would be on a reading of May consumer prices for the euro zone due on Friday.
• U.S. inflation data, also due on Friday, could help traders assess the timing and numbers of possible rate cuts by the Federal Reserve this year.
• Technical signals are bearish as RSI is at 46, daily momentum studies 5, 9 and 10 DMAs are trending down.
• Immediate resistance is located at 1.6364 (38.2 %fib), any close above will push the pair towards 1.6398 (Higher BB)
• Strong support is seen at 1.6291 (23.6%fib ) and break below could take the pair towards 1.6215(May 20th low).
Recommendation: Good to sell around 1.6340, with stop loss of 1.6480 and target price of 1.6260.
