• EUR/AUD initially dipped on Wednesday but gains were limited investor awaited more clarity on the European Central Bank (ECB) rate path.
• The spotlight is now Thursday's GDP print and Friday's data on personal consumption expenditures.
• Technical lean bearish, RSI is turning sharply lower, momentum studies, 9, 11 DMAs falling southwards.
• Immediate resistance is located at 1.6291(38.2% fib), any close above will push the pair towards 1.6337 (38.2%fib)
• Support is seen at 1.6257(23.6% fib) and break below could take the pair towards 1.6130 (May 10th low).
Recommendation: Good to sell on rally around 1.6260, with stop loss of 1.6350 and target price of 1.6160
