• EUR/AUD declined on Friday as a upbeat risk sentiment and hawkish comments by RBA's Bullock comments boosted Australian dollar.
• Australia's top central banker on Friday said it was premature to be thinking about rate cuts, adding that the board remained focused on potential upside risks to inflation.
• EUR/AUD has seen a 1.6531-1.6605 range on Friday, chart points to bigger drop towards 1.6450 level
• Technical signals are bearish as RSI is at 49, daily momentum studies 5, 9 and 10 DMAs are trending down.
• Immediate resistance is located at 1.6624 (38.2% fib), any close above will push the pair towards 1.6810 (23.6% fib)
• Strong support is seen at 1.6535(Aug 13th low ) and break below could take the pair towards 1.6464 (50% fib).
Recommendation: Good to sell on rally around 1.6550 , with stop loss of 1.6640 and target price of 1.6450
