• EUR/AUD retreated from daily high on Tuesday as traders were cautious as they kept tabs on war in the Middle East.
• EUR/AUD traded as high as 1.6553 before sellers emerged, pair nears the 38.2 % fib at 1.6431.
• Technical signals are bearish as RSI is at 43, daily momentum studies 5, 9 and 14 DMAs are trending south.
• Immediate resistance is located at 1.6518(11DMA), any close above will push the pair towards 1.6566.
• Strong support is seen at 1.6431(38.2% fib) and break below could take the pair towards 1.6325 (11DMA).
Recommendation: Good to sell on dips around 1.6500, with stop loss of 1.6700 and target price of 1.6410
