• EUR/AUD declined on Thursday after data showed German industrial orders unexpectedly plunged in December.
• At GMT 16:42, the pair was trading 0.45% lower at 1.6288, slightly lower from daily high at 1.6323.
• Downward momentum has picked up and the strong support zone at 1.6202 is vulnerable. A break this solid level would increase the odds for a more downside.
• On the upside, Immediate resistance is located at 1.6334 ( 11 DMA), any close above will push the pair towards 1.6400 (Psychological level
• On the downside, support is seen at 1.6247 (21 DMA) and break below could take the pair towards 1.6202 (38.2 fib).
Recommendation: Good to sell on rally around 1.6350, with stop loss of 1.6450 and target price of 1.6200.
