FxWirePro: EUR/AUD falls below 1.6300 level, bears keep the advantage

• EUR/AUD declined on Thursday  as   Australian dollar gained ground against euro as traders mull higher for longer RBA rate stance.

• RBA rate expectations diverge from those of other major central banks,markets now do not expect a RBA rate cut until April next year.

• The pair currently is approaching support at 1.6348. A break below would unmask 1.6200 level in the short term.

• Technical signals are bearish as RSI is at 41, daily momentum studies  5, 9 and 10 DMAs are trending down. 

• Immediate resistance is located at 1.6348 (38.2%fib), any close above will push the pair towards 1.6386  (May 8th high)

•  Support is seen at 1.6280(23.6% fib ) and break below could take the pair towards 1.6214 (Lower BB).

  Recommendation: Good to sell on rally around 1.6310, with stop loss of 1.6400 and target price of 1.6240