• EUR/AUD initially gained on Wednesday but gave up ground as ECB guidance and deteriorating Eurozone economic fundamentals kept bearish pressure on euro.
• At GMT 17:32, the pair was trading up 0.23 percent at 1.6562 after reaching daily high at 1.6579 (50%fib).
• EUR/AUD is likely to maintain its downward move as long as remains below 1.6671 (50%fib).
• From a technical viewpoint, the moving averages are pointing downwards, while the RSI is bearish at 45.
• Immediate resistance is located at 1.6576(38.2%fib), any close above will push the pair towards 1.6603 ( 14DMA).
• Strong support is seen at 1.6469 (23.6%fib) and break below could take the pair towards 1.6440 (Lower BB).
Recommendation: Good to sell around 1.6590, with stop loss of 1.6700 and target price of 1.6480
