FxWirePro:EUR/AUD neutral in the near-term, scope for downward resumption

• EUR/AUD  initially dipped but recovered some ground   on Friday as    traders looked for a fresh catalyst as ECB decision was a non-event.

• Choppy range trading has dominated price action in absence of a clear trend.

 • From a technical viewpoint, the moving averages are pointing downwards, while the RSI  is    bearish at 49.

• Immediate resistance is located at 1.6720(50%fib), any close above will push the pair towards 1.6786(Sep 12th high).

• Strong support is seen at 1.6670(14DMA) and break below could take the pair towards 1.6621(38.2%fib).

Recommendation: Good to sell around 1.6680, with stop loss of 1.6780 and target price of 1.6620