FxWirePro: EUR/AUD caught in narrow range, bias neutral

• EUR/AUD exhibited limited movement on Tuesday as  trading activity remained subdued in the thin holiday market conditions.

• Pair traded in 1.6176/1.6210 range and was last trading at 1.6197 in  the US afternoon.

• Technical signals are bearish as RSI is at 41, daily momentum studies  5,9 and 10 DMAs are trending down. 

• Immediate resistance is located at 1.6240( Dec 20th high), any close above will push the pair towards 1.6263 (38.2%fib).

• Strong  support is seen at 1.6165(23.6%fib ) and break below could take the pair towards 1.6108( (Lower BB).

Recommendation: Good to sell  around 1.6200, with stop loss of 1.6280 and target price of 1.6120