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FxWirePro: EUR/AUD bears take advantage of US CPI surprise, good to sell on rally

• EUR/AUD declined  on Wednesday as after data showed US consumer price increases came in below economists' forecasts in June .

• EUR/AUD drops swiftly from 1.6496 to 1.6355. The pair was last trading at  1.6395 .

• EUR/AUD probed 50%fib support  zone,   EUR/AUD may near 1.6300 if structural  support  breaks.

• Immediate resistance is located at 1.6484 ( 38.2%fib), any close above will push the pair towards 1.6554 (June 28th high).

• Immediate support is seen at 1.6360 (50%fib) and break below could take the pair towards 1.6282(20DMA).

Recommendation: Good to sell around 1.6430, with stop loss of 1.6550 and target price of 1.6320.
 

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