• EUR/AUD retreated from daily high on Wednesdays as mixed economic data and recession fears clouded the outlook for the Eurozone interest rates.
•The euro erased Tuesday’s gains against the Australian dollar , the pair was last up at 0.04% at 1.6224.
•The pair inability to hold gains above 1.6301, 38.2% fib, may increases the likelihood of a drop towards 1.6120 level.
• Immediate resistance is located at 1.6301 ( 38.2%fib), any close above will push the pair towards 1.6395 (Higher BB).
• Immediate support is seen at 1.6184(50%fib) and break below could take the pair towards 1.6114 (21DMA).
Recommendation: Good to sell around 1.6230, with stop loss of 1.6340 and target price of 1.6140.
