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FxWirePro: EUR/AUD neutral in the near term, scope for downward resumption

• EUR/AUD was little changed on Wednesday   as investor’s awaited fresh catalyst for further direction.

• Investors awaited  key PMI data from Germany and Euro zone as a whole on Thursday.

• The pair was last trading at 1.6642. A break under  would unmask 1.6550  level .

• Technical lean bearish, RSI is trending lower at 49 , momentum studies, 9, 11 DMAs falling southwards. 

• Immediate resistance is located at 1.6680 (50% fib), any close above will push the pair towards 1.6696(9DMA)

• Support is seen at 1.6602(38.2% fib) and break below could take the pair towards 1.6500 (23.6% fib).

  Recommendation: Good to sell   around 1.6650, with stop loss of 1.6750 and target price of 1.6580

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