FxWirePro:EUR/AUD dips below lower range, bearish bias increases

•EUR/AUD declined on as markets priced in early rate cuts in   Europe, but little in the way of policy easing in Australia.

•Euro dipped after surprisingly soft readings on EU inflation stoked wagers of early and aggressive rate cuts by the European Central Bank (ECB).

• Technical signals are bearish as RSI is heading down  at 31, daily momentum studies  5, 9 and 11 DMAs are trending down.

•On the upside, Immediate resistance is located at 1.6380 (38.2% fib), any close above will push the pair towards 1.6464(50% fib)

•Strong  support is seen at 1.6310(Daily low) and break below could take the pair towards 1.6275 (23.6%fib).

Recommendation: Good to sell on rally around 1.6320 with stop loss of 1.6400 and target price of 1.6240