• EUR/AUD declined on Tuesday, as euro was weighed down after Germany's constitutional court challenged the legality of the ECB's bond buying programme.
• EUR/AUD dived below the 23.6% fib and trades down to a 1.6799 low.
• Technical signals show the pair could lose more ground in the short-term as RSI is at 40 bearish, daily momentum studies 9, 10 and 11 DMAs are trending down.
• On the upside, Immediate resistance is located at 1.6965 ( 23.6% fib), any close above will push the pair towards 1.7055 (21 DMA)
• On the downside, support is seen at 1.6594 (200 DMA ) and break below could take the pair towards 1.6529 (Lower BB).
Recommendation: Good to sell around 1.6800, with stop loss of 1.7200 and target price of 1.6500.
