• EUR/AUD recovered some ground on Wednesday as Australian dollar retreats against euro as risk appetite cooled.
• EUR/AUD recovers above 1.9300 level and holds near the day's high in US session.
• Bulls will need a clear 50% fib to take greater control, failure to break higher will spur fresh downward momentum.
• From a technical viewpoint, RSI is strongly bearish at 41, daily momentum studies, 11, 14 and 21 daily MAs are lower .
• Immediate resistance is located at 1.6347 (38.2% fib), any close above will push the pair towards 1.6427(Sep 24th high).
• Immediate support is seen at 1.6196 (23.6% fib) and break below could take the pair towards 1.6168 (Lower BB).
Recommendation: Good to sell around 1.6330, with stop loss of 1.6460 and target price of 1.6260.
