• EUR/AUD after initially gaining on Wednesday as the pair gave up some ground as the pair struggled for direction ahead of U.S. Federal Reserve meeting minutes.
• In an up-and-down session, the pair hit high at 1.6335 in early trading then eased towards 1.6296.
• Technical signals show the pair could gain more ground in the short-term as RSI is bearish, daily momentum studies 5, 9 and 11 DMAs are trending down.
• Immediate resistance is located at 1.6336(5DMA), any close above will push the pair towards 1.6413 (50%fib).
• Strong support is seen at 1.6239 (38.2%fib) and break below could take the pair towards 1.6156 (23rd June)
Recommendation: Good to sell around 1.6300 with stop loss of 1.6400 and target price of 1.6230
