• EUR/AUD dipped on Tuesday but losses were limited as investors grew cautious ahead of U.S. CPI ata and the Thursday's BoE meeting..
• The pair is approaching 1.6192 (38.2% fib). A close below will opens up 1.6100 level.
• Technical signals are bearish as RSI is heading down at 43 , daily momentum studies 5, 9 and 11 DMAs are trending down.
• Immediate resistance is located at 1.6280( 5DMA), any close above will push the pair towards 1.6375(23.6%fib).
•Strong support is seen at 1.6192 (38.2% fib) and break below could take the pair towards 1.6118 ( Lower BB).
Recommendation: Good to sell around 1.6230, with stop loss of 1.6330 and target price of 1.6170
