• EUR/AUD declined on Wednesday as Australian dollar was buoyed upbeat GDP data.
• Data showed the Australian economy grew by 0.7% in the June quarter, beating forecasts of a 0.5% increase.
• At GMT 19:37, the pair was trading down 0.37 percent at 1.6075.
• Technical signals are bearish as RSI is heading down at 48, daily momentum studies 5, 9 and 11 DMAs are trending down.
• Immediate resistance is located at 1.6110 ( 21 DMA), any close above will push the pair towards 1.6156 (50%fib)
• Support is seen at 1.6051 (38.2 %fib ) and break below could take the pair towards 1.5928 (23.6 %fib).
Recommendation: Good to sell around 1.6080, with stop loss of 1.6150 and target price of 1.6000.
