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• EUR/AUD gained on Wednesday as the Australian dollar attracted sellers after Australia's Q3 GDP growth came in below expectations.
• The disappointing data put downward pressure on the Aussie, boosting the euro in the currency pair.
• Australian Bureau of Statistics (ABS) data showed on Wednesday that real gross domestic product increased by 0.3% in the September quarter, falling short of market predictions of 0.4%.
• Rally towards is 1.6500 possible if EUR/AUD bulls overcome resistance at 38.2%fib.
• Immediate resistance is located at 1.6378(38.2%fib), any close above will push the pair towards 1.6476(23.6%fib).
• Strong support is seen at 1.6309(50%fib) and break below could take the pair towards 1.6215 (61.8%fib).
Recommendation: Good to buy around 1.6320 with stop loss of 1.6240 and target price of 1.6430
