• EUR/AUD declined on Tuesday as euro zone growth outlook looked fragile after data showed deterioration of business confidence in Germany this month
• String of data disappointing data, including Monday's PMIs, has left the market wondering whether economic deterioration will force the ECB to switch its focus from inflation to recession.
•EUR/AUD is probing 50%fib support zone, EUR/AUD may near 1.6200 if structural support breaks.
• Immediate resistance is located at 1.6383 ( 38.2%fib), any close above will push the pair towards 1.6413(5DMA).
• Immediate support is seen at 1.6269 (50%fib) and break below could take the pair towards 1.6205(Lower BB).
Recommendation: Good to sell around 1.6290, with stop loss of 1.6370 and target price of 1.6220
