• EUR/AUD dipped on Monday but downside momentum was limited as investors looked forward to a raft of economic data from the euro zone this week.
• This week is also filled with key domestic economic data, encompassing fourth-quarter euro zone GDP growth, consumer price inflation reports from Spain, as well as ZEW economic sentiment surveys
• EUR/AUD fell from 1.6562to 1.6489. Break lower 38.2%fib risks run towards1.6400 level .
• From a technical viewpoint, the moving averages are pointing downwards, while the RSI is heading down.
• Immediate resistance is located at 1.6554 ( 38.2%fib), any close above will push the pair towards 1.6626 (Higher BB).
• Immediate support is seen at 1.6451(38.2%fib) and break below could take the pair towards 1.6402 (Lower BB).
Recommendation: Good to sell around 1.6500, with stop loss of 1.6700 and target price of 1.6410.
