• EUR/AUD declined on Friday as expectations of a hawkish shift in RBA rate stance and stronger Higher CNH boosted Australian dollar .
• The pair currently is approaching support at 1.6268(38.2% fib ). A break under would unmask 1.6200 level in the short term.
• Technical signals are bearish as RSI is at 37, daily momentum studies 5, 9 and 10 DMAs are trending down.
• Immediate resistance is located at 1.6351 (50% fib), any close above will push the pair towards 1.6435 (61.8% fib)
• Support is seen at 1.6268(38.2% fib ) and break below could take the pair towards 1.6168 (23.6% fib).
Recommendation: Good to sell around 1.6540, with stop loss of 1.6650 and target price of 1.6450.
