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FxWirePro: EUR/AUD recovery facing a steep rock, likely to falter

• EUR/AUD rebounded on Wednesday as the cross pair attracted buying interest just before the year-end. • Pair traded in 1.6140/1.6236 range and was last trading at 1.6222 up 0.34 percent in the US afternoon. • Technical …

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FxWirePro: EUR/AUD recovery facing a steep rock, likely to falter
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• EUR/AUD rebounded on Wednesday as the cross pair attracted buying interest just before the year-end.

• Pair traded in 1.6140/1.6236 range and was last trading at 1.6222 up 0.34 percent in  the US afternoon.

• Technical signals are bearish as RSI is at 41, daily momentum studies  5,9 and 10 DMAs are trending down. 

• Immediate resistance is located at 1.6250(38.2%fib), any close above will push the pair towards 1.6275 (Dec 21st high).

• Strong  support is seen at 1.6143(23.6%fib ) and break below could take the pair towards 1.6118( (Lower BB).

Recommendation: Good to sell  around 1.6250, with stop loss of 1.6350 and target price of 1.6150
 

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