• EUR/AUD recovered some ground on Wednesday after initially falling as investors booked profits on shorts.
•On the data front, German industrial production rose in June by 1.4% compared to the previous month, the federal statistics office said on Wednesday.
• EUR/AUD fell as low as 1.6599 before recovering towards but the pair is holding onto bear territory
• Immediate resistance is located at 1.6891( 23.6%fib), any close above will push the pair towards 1.6932 (Higher BB)
• Support is seen at 1.6730(38.2%fib) and break below could take the pair towards 1.6605(50%fib).
Recommendation: Good to sell around 1.6760, with stop loss of 1.6850 and target price of 1.6690
