• EUR/AUD declined on Wednesday as a veiled ECB warning about euro strength along with over-stretched positions kept bearish pressure on euro.
• At GMT 18:54, the pair was trading down 0.02 percent at $1.6152.
• Technical signals are bearish as RSI is heading down at 31, daily momentum studies 5, 9 and 1 DMAs are trending down.
• On the upside, Immediate resistance is located at 1.6214 ( Daily high), any close above will push the pair towards 1.6254 ( 50%fib)
• On the downside, support is seen at 1.6139 (38.2 %fib ) and break below could take the pair towards 1.6069(9th June low).
Recommendation: Good to sell on rally around 1.6160, with stop loss of 1.6250 and target price of 1.6080.
