• EUR/AUD recovered some ground on Tuesday, as investors awaited a key European Union summit later this week.
• Selling pressure has remained on euro, after euro zone politicians failed to agree to jointly issue debt to counter the economic slump.
• At GMT 15:09, the pair was trading up 0.59 percent at $1.7324 after rebounding from daily low at 1.7113.
• Technical are mixed, RSI is turning up, momentum studies, 5, 10 DMAs are trending down (neutral setup).
• On the upside, Immediate resistance is located at 1.7351 ( Daily high), any close above will push the pair towards 1.7503 ( 38.2% fib)
• On the downside, support is seen at 1.7114 (9 DMA) and break below could take the pair towards 1.6989 (23.6% fib).
Recommendation: Good to sell around 1.7550, with stop loss of 1.7980 and target price of 1.6800.
