• EUR/AUD declined below 1.6200 level on Thursday as hawkish tone of the RBA's most recent meeting minutes continued to support the Australian dollar.
• The Australian currency has strengthened its position against the euro this week, with the Australian central bank keeping the possibility of further tightening open if deemed necessary.
•The pair is approaching 1.6166,a daily close below will accelerate towards 1.6100 level in the short term.
• From a technical viewpoint, the moving averages are pointing downwards, while the RSI is sbearish at 38.
• Immediate resistance is located at 1.6265(50%fib), any close above will push the pair towards 1.6315( 11DMA).
• Strong support is seen at 1.6166 (38.2%fib) and break below could take the pair towards 1.6100 (Psychological level).
Recommendation: Good to sell around 1.6200, with stop loss of 1.6280 and target price of 1.6120
