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

• EUR/AUD eased on Monday  as focus shifted to an anticipated interest rate cut from the European Central Bank.

• The European Central Bank's policy meeting is scheduled for Thursday, and the ECB is widely anticipated to lower rates by 25 basis points to 3.50%.

• Alongside the central bank meetings, a range of economic data is anticipated, including inflation figures from the U.S., Germany, Spain, and France, as well as British GDP figures.

• EUR/AUD remains well below 38.2%fib,daily  close below 50%fib will  increase the scope for much bigger drop.

•  Immediate resistance is located at 1.6652(38.2%fib), any close above will push the pair towards 1.6736(Higher BB)

• Support is seen at 1.6539(50 %fib ) and break below could take the pair towards 1.6409(61.8%fib).

Recommendation: Good to sellaround 1.6570 , with stop loss of 1.6630 and target price of 1.6460