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FxWirePro: EUR/AUD outlook weaker on renewed downside pressure

• EUR/AUD slipped below  1.6500  level as euro came under selling pressure   ahead of  European Central Bank rate decision.

• 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%.

•  EUR/AUD has seen a 1.6613-1.6480 range on Wednesday, chart points to drop towards 1.6400 level.

• From a technical viewpoint, RSI  is strongly  beraish at 49, daily momentum studies, 5, 9 and 11 are trending down.

• Immediate resistance is located at 1.6520(38.2%fib), any close above will push the pair towards 1.6643(23.6%fib)

• Support is seen at 1.6420(50%fib)and break below could take the pair towards 1.6319(61.8%fib)

Recommendation: Good to sell around 1.6500 , with stop loss of 1.6550 and target price of 1.6410
 

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