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FxWirePro: EUR/AUD trims losses but outlook still bearish

• 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.
 

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