FxWirePro: EUR/AUD reverses recent rally, bias back to downside

• EUR/AUD declined on Wednesday  as Australian dollar received a lift following bright economic data from China and cooling U.S. consumer infaltion.

• Equity , copper gains & USD/CNH drop to 7.2500 also buoyed Australian dollar across the board.

• A daily close below 1.6641 (11DMA)will further improve the technical outlook, and open the possibility of a drop  towards 1.6550  level.

• Immediate resistance is located at 1.6685 (38.2%fib), any close above will push the pair towards 1.6772(50%fib).

• Strong support is seen at 1.6641 (11DMA) and break below could take the pair towards 1.6584(23.6%fib).

 Recommendation: Good to sell around 1.6670, with stop loss of 1.6750 and target price of 1.6570