• EUR/AUD declined on Wednesday as uptrend in copper prices, small bounce in iron ore prices and upbeat Chinese economic data boosted Australian dollar .
• The Caixin/S&P Global services purchasing managers' index (PMI) rose slightly to 52.7 from 52.5 in February, marking the 15th consecutive month above the 50-mark threshold.
• At GMT 17:42, the pair was trading down 0.15 percent at 1.6492 after reaching daily high at 1.6565.
• From a technical viewpoint, the moving averages are pointing downwards, while the RSI is bearish at 43.
• Immediate resistance is located at 1.6540( 9EMA), any close above will push the pair towards 1.6572 ( 23.6%fib).
• Strong support is seen at 1.6493 (38.2%fib) and break below could take the pair towards 1.6428 (50%fib).
Recommendation: Good to sell around 1.6500, with stop loss of 1.6650 and target price of 1.6410
