FxWirePro: EUR/AUD moves lower after ECB policy meeting, potential for further decline

• EUR/AUD   dipped from one month high as  investors assessed the European Central Bank's latest verdict to keep lending rates steady. 

• The ECB held interest rates steady as expected but indicated that the September meeting is open for changes.  

• ECB downgraded the eurozone's economic outlook and predicted continued falling inflation.
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• The EUR/AUD   eased fractionally after Thursday's decision , bear run is likely to resume.

• Immediate resistance is located at 1.6300 (23.6%fib), any close above will push the pair towards 1.6336(Jun 11th high).

• Immediate support is seen at 1.6246 (38.2% fib) and break below could take the pair towards 1.6192 (50% fib).

Recommendation: Good to sell around 1.6260, with stop loss of 1.6360 and target price of 1.6200