FxWirePro:EUR/AUD downside pressure builds after RBA Minutes confirm hawkish hold

•EUR/AUD declined on Tuesday as Australian dollar strengthened across the board after RBA retained hawkish bias by revealing they discussed hiking.

• The minutes from the  RBA  December 5   meeting,  revealed that the central bank opted to keep the cash rate unchanged at 4.35%. The decision was based on the assessment that data from the previous month did not significantly alter the economic outlook.

•  Australia's central bank debated raising interest rates for a second consecutive month, but ultimately chose to hold off until further data was available.

• Technical signals are bearish as RSI is heading down  at 37, daily momentum studies  5, 9 and 11 DMAs are trending down.

•  Immediate resistance is located at 1.6290 (38.2% fib), any close above will push the pair towards 1.6356(50% fib)

•Strong  support is seen at 1.6201(23.6%fib) and break below could take the pair towards 1.6181 (Lower BB).

Recommendation: Good to sell   around 1.6250 with stop loss of 1.6360 and target price of 1.6160