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• EUR/AUD dipped on Thursday as Eurozone GDP data reinforced investors' economic worries about Eurozone area .
• Data from Eurostat showed Eurozone economy barely grew in the second quarter,GDP expanded by just 0.1% between April and June .
• A close below support at 1.6687 (50% fib)will give further momentum to bears, opening the way for a run towards 1.6600 level.
• Technical signals are turning bullish as RSI has turned lower, daily momentum studies 9, 10 and 14 DMAs are trending down.
• Immediate resistance is located at 1.6774( 10DMA), any close above will push the pair towards 1.6838 ( 38.2%fib)
• Strong support is seen at 1.6687 (50% fib) and break below could take the pair towards 1.6617(Lower BB).
Recommendation: Good to sell around 1.6780, with stop loss of 1.6880 and target price of 1.6700
