FxWirePro: EUR/AUD downside pressure builds, key support level in focus

• EUR/AUD declined on Thursday  as Australian dollar was  buoyed by yuan gain and strong Aussie jobs data.

• Australian employment   beat expectations for a second straight month in June, while the jobless rate stayed near 50-year lows in a sign the labour market remained  tight .

•A close below   support at 50%fib will give further momentum to bears, opening the way for a run towards 1.6300  level.

• From a technical viewpoint, the moving averages are pointing downwards, while the RSI  has turned lower.

• Immediate resistance is located at 1.6472( 5DMA), any close above will push the pair towards 1.6551 ( 38.2%fib).

• Strong support is seen at 1.6403 (50%fib) and break below could take the pair towards 1.6292 (July 14th low).

Recommendation: Good to sell around 1.6450 with stop loss of 1.6560  and target price of 1.6380