• EUR/AUD declined sharply on Thursday as stronger Australian dollar and dovish ECB expectations weighed on Euro
• The European Central Bank (ECB) will set interest rates next Thursday and is highly expected to maintain the existing record high rate of 4%.
• Bearish signals are increasing today after drop below (38.2% fib) support. Pair is like fall towards
• Technical signals are bearish as RSI is at 38, daily momentum studies 5, 9 and 10 DMAs are trending down.
• Immediate resistance is located at 1.6367(38.2% fib), any close above will push the pair towards 1.6443(50% fib)
• Support is seen at 1.6321 (Sep 29th low ) and break below could take the pair towards 1.6273 (23.6%fib).
Recommendation: Good to sell on around 1.6370, with stop loss of 1.6460 and target price of 1.6280.
