• EUR/AUD declined on Thursday as Australian dollar continued to rise against euro as RBA Governor reiterated hawkish stance .
• Reserve Bank of Australia (RBA) Governor Michele Bullock, in a speech reiterated that Australia's central bank will not hesitate to raise interest rates if needed to control inflation.
•EUR/AUD chart has taken a turn for the worse after today 's large drop.Overall risk growing for a bigger drop to towards 1.6450 level
• Immediate resistance is located at 1.6688 ( 38.2% fib), any close above will push the pair towards 1.6870 (23.6% fib)
• Support is seen at 1.6563(50%fib ) and break below could take the pair towards 1.6426(61.8%fib).
Recommendation: Good to sell on rally around 1.6600, with stop loss of 1.6750 and target price of 1.6520
