FxWirePro: EUR/AUD gains some upside momentum but still bearish

•  EUR/AUD strengthened  on Thursday  as euro benefited from weak Australian dollar but gains were limited as investors focus turned to Eurozone and German PMI data.

•  EUR/AUD traded in range between 1.6525-1.6650 and  the pair was last trading at 1.6623.

• The pair inability to hold gains above  21DMA , may increases the likelihood of a drop towards1.6500 level.

• Technicals   highlight dowsiderisks. The 5, 9 and 11  day moving averages are trending south, daily RSI is pointing downwards at 46.

• Immediate resistance is located at 1.6687(38.2%fib), any close above will push the pair towards 1.6703(21DMA).

• Strong support is seen at 1.6526 (61.8% fib) and break below could take the pair towards 1.6445(Lower BB).

Recommendation: Good to sell  around 1.6640, with stop loss of 1.6800 and target price of 1.6500