• EUR/AUD declined on Thursday as higher stocks price and iron-ore rally bolstered Australian dollar.
•The pair is approaching 50%fib,a daily close below will accelerate towards 1.6200 in the short term.
•From a technical viewpoint, the moving averages are pointing downwards, while the RSI is bearish at 49.
• Immediate resistance is located at 1.6359(38.2%fib), any close above will push the pair towards 1.6404 ( 5DMA).
• Strong support is seen at 1.6263 (50%fib) and break below could take the pair towards 1.6167 (61.8%fib).
Recommendation: Good to sell around 1.6300, with stop loss of 1.6380 and target price of 1.6220.
