FxWirePro:EUR/AUD reverses recent rally, bias back to downside
• EUR/AUD initially gained on Wednesday but rally fizzed after data showed Euro zone retail sales fell in Aug. • Data showed Euro zone retail sales fell 1.2% month-on-month, Economists polled had expected a 0.3% month fa…
• EUR/AUD initially gained on Wednesday but rally fizzed after data showed Euro zone retail sales fell in Aug.
• Data showed Euro zone retail sales fell 1.2% month-on-month, Economists polled had expected a 0.3% month fall.
• EUR/AUD failed to break resistance at 38.2%fib resistance rejecting the upside,Scope grows for a likely slump towards .
•Immediate resistance is located at 1.664 (38.2%fib), any close above will push the pair towards 1.6701 (50DMA).
•Immediate support is seen at 1.6543(23.6%fib) and break below could take the pair towards 1.6466(Sep 26th low).
Recommendation: Good to sell around 1.6610 with stop loss of 1.6700 and target price of 1.6520
