• EUR/AUD declined on Thursday as Australian dollar was boosted by gains in iron ore and equities.
• Australian economic data continues to exhibit weakness, the prevailing market dynamics are wielding greater influence in setting the course.
• EUR/AUD is likely to maintain its downward move as long as remains below 1.6482 (5DMA).
• From a technical viewpoint, the moving averages are pointing downwards, while the RSI is strongly bearish at 38.
• Immediate resistance is located at 1.6482 (5DMA), any close above will push the pair towards 1.6561(38.2%fib).
• Strong support is seen at 1.6425 (23.6%fib) and break below could take the pair towards 1.6379(Lower BB).
Recommendation: Good to sell around 1.6450, with stop loss of 1.6550 and target price of 1.6390
