• EUR/AUD declined on Wednesday as euro attracted sellers ahead of ECB meeting on Thursday.
• The pair, already trading lower on the day, extended it hit daily low at 1.6215, it was last down 0.63% on the day.
• Technical signals show the pair could lose more ground in the short-term as RSI is at 42 bearish, daily momentum studies 9, 10 and 11 DMAs are trending down.
• On the upside, Immediate resistance is located at 1.6255 ( 50% fib), any close above will push the pair towards 1.6284 (14 DMA).
• On the downside, support is seen at 1.6174 (Sep 8th low) and break below could take the pair towards 1.6131 (38.2% fib).
Recommendation: Good to sell around 1.6230, with stop loss of 1.6350 and target price of 1.6150.
