• 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
