• EUR/AUD recovered some ground on Wednesday as investors booked profits on shorts .
• EUR/AUD fell as low as 1.6500 before buyers returned.EUR/AUD moving higher slightly and I was last trading around 1.6580.
• Technical signals are bearish as RSI is at 43, daily momentum studies 10,11 and 14 DMAs are trending down.
• Immediate resistance is located at 1.6606 ( 38.2%fib), any close above will push the pair towards 1.6632 (11DMA)
• Support is seen at 1.6503 (23.6% fib ) and break below could take the pair towards 1.6460 (November 6th low).
Recommendation: Good to sell around 1.6600, with stop loss of 1.6700 and target price of 1.6530
