• EUR/AUD recovered some ground on Friday as the pair was aided by profit-taking on shorts.
•After the two-day fall, pair has recovered to 1.6410, EUR/AUD may need a break below 23.6% fib to clear assault on 1.6350 level
• Technical signals are mixed as RSI is at 56, daily momentum studies 5, 9 and 10 DMAs are trending down.
•Immediate resistance is located at 1.6410( 5 DMA), any close above will push the pair towards 1.6458(50 % fib)
• Support is seen at 1.6294(23.6%fib ) and break below could take the pair towards 1.6240 (July 13th low).
Recommendation: Good to sell around 1.6430, with stop loss of 1.6550 and target price of 1.6350
