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

• EUR/AUD  declined   on Monday  as  the pair attracted sellers  European Central Bank's (ECB) monetary policy decision later this week.

• The ECB is widely anticipated to hold its benchmark lending rate at 3.75% when it meets on Thursday.  

• A close below   support at 1.6671 (50%  fib)will give further momentum to bears, opening the way for a run towards 1.6600 level.

• Technical signals are bearish as RSI is lower at 47  , daily momentum studies  5, 9 and 10 DMAs are trending down.

•   Immediate resistance is located at 1.6773( 5DMA), any close above will push the pair towards 1.6816 ( 38.2%fib)

•  Strong support is seen at 1.6671 (50%  fib) and break below could take the pair towards 1.6607(Lower BB).

  Recommendation: Good to sell around 1.6720, with stop loss of 1.6880 and target price of 1.6630