• EUR/AUD declined on Tuesday as downbeat economic data in the euro zone weighed on euro.
• Data showed the Euro Zone (PMI) fell to a near three-year low in October, while business activity in Germany contracted for a fourth straight month .
• EUR/AUD drops swiftly from 1.6841 to 1.6653. Break lower 1.6623 (50% fib ) runs risks towards 1.6550.
• Technical lean bearish, RSI has turnedsharply lower, momentum studies, 9, 11 DMAs falling southwards.
• Immediate resistance is located at 1.6725 (38.2% fib), any close above will push the pair towards 1.6837 (23.6% fib)
• Support is seen at 1.6623 (50% fib) and break below could take the pair towards 1.6556 (Oct 18th low).
Recommendation: Good to sell around 1.6670 with stop loss of 1.6780 and target price of 1.6600
