FxWirePro: EUR/AUD heads deeper into bear territory, 23.6%fib fibonacci eyed

• EUR/AUD  eased  on Friday as  euro attracted sellers after ECB deliverd first back-to-back rate cut since 2011 .

• A worsening economic outlook and signs that inflation is increasingly under control prompted the ECB to cut its deposit rate by 25 basis points (bps) to 3.25%, following a September move, in the first back-to-back rate cut since 2011.

 • Policymakers repeated that they were not committing to a particular rate path and would keep monetary policy restrictive as long as necessary to make sure they had tamed inflation.   

• Immediate resistance is located at 1.6224(38.2%fib), any close above will push the pair towards 1.6309(50%fib)

• Support is seen at 1.6131(23.6%fib) and break below could take the pair towards 1.6067(Lower BB)

Recommendation: Good to sell around 1.6210, with stop loss of 1.6300 and target price of 1.6140