• EUR/AUD recovered some ground on Friday but gains were limited as investors looked for fresh cues for further direction.
• The EUR/AUD pair is struggling to extend the strong bearish bias it achieved over the past three days and is currently trading with a mild bullish bias during the U.S. session.
• The lack of significant data or events may keep trading ranges limited until the next catalyst, which is expected from Eurozone and U.S. data releases on Tuesday Aug 13th.
• Immediate resistance is located at 1.6676(38.2 % fib), any close above will push the pair towards 1.6801(Aug 8th high)
• Strong support is seen at 1.66480 (Aug 1st low) and break below could take the pair towards 1.6384 (61.8% fib).
Recommendation: Good to sell on rally around 1.6650, with stop loss of 1.6750and target price of 1.6560.
