FxWirePro: EUR/AUD drifts lower,could be on verge of a bigger drop

• EUR/AUD declined on Tuesday as Australian dollar received a modest lift from 2.75% rise in Dalian iron ore.

• There was no response observed following the release of the RBA minutes affirming their transition to a neutral stance.

• At GMT 16:35, the pair was trading up 0.08 percent  at 1.6537after reaching daily low at 1.6488.

 • From a technical viewpoint, the moving averages are pointing downwards, while the RSI  is   bearish at 47.

• Immediate resistance is located at 1.6556( 9EMA), any close above will push the pair towards 1.6557 ( 38.2%fib).

• Strong support is seen at 1.6490 (50%fib) and break below could take the pair towards 1.6443(March 8th low).

Recommendation: Good to sell around 1.6540, with stop loss of 1.6650 and target price of 1.6470.