FxWirePro: EUR/AUD falls after ECB hikes rates and stresses data dependence

• EUR/AUD declined on Thursday    after the European Central Bank raised interest rates to 3.75% but said any future decisions will depend on economic data.

• The ECB pushed its main deposit rate up 25 basis points (bps), taking rates to their highest level in 23 years.

•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 1.6380( 5DMA), any close above will push the pair towards 1.6416( 38.2%fib).

• Strong support is seen at 1.6292(50%fib) and break below could take the pair towards 1.6237 (Lower BB).

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