• EUR/AUD declined on Wednesday as investors continued to grapple with uncertainties arising from tariff skirmishes.
• On the European Central Bank monetary policy outlook, investors awaited the updated estimates for the so-called neutral rate due on Friday.
• EUR/AUD chart has taken a turn for the worse after Wednesday 's drop.Overall risk growing for a bigger drop to towards 1.6450 level
• Technical signals are bearish as RSI is heading down at 45, daily momentum studies 5, 9 and 11 DMAs are trending down.
• Immediate resistance is located at 1.6597 ( 5SMA), any close above will push the pair towards 1.6644(38.2%fib)
• Support is seen at 1.6518(50%fib ) and break below could take the pair towards 1.6390(61.8%fib).
Recommendation: Good to sell around 1.6560, with stop loss of 1.6630 and target price of 1.6450
