• EUR/AUD declined on Wednesday as euro attracted sellers as investors were nervous about this week's ECB meeting.
• The upcoming ECB meeting could add pressure on euro as investors are concerned as euro recent strength could drive the central bank to take action.
• EUR/AUD was last trading down 0.04% late in the U.S. session at 20:00 GMT
• Technical signals are bearish as RSI is at 44, daily momentum studies 5 DMA, 9 DMA are trending down.
• On the upside, Immediate resistance is located at 1.6338 ( 38.2%fib), any close above will push the pair towards 1.6432 (23.6% fib)
• On the downside, support is seen at 1.6136 (23.6%fin) and break below could take the pair towards 1.6100 (Psychological level).
Recommendation: Good to sell on rally around 1.6250, with stop loss of 1.6400 and target price of 1.6140.
