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FxWirePro: EUR/AUD edges higher but outlook still bearish

• EUR/AUD  initially gained on Wednesday   but  gains were limited as traders awaited  release of minutes from the Fed’s December policy meeting.

• Investors also  keenly awaited a slew of U.S. economic data this week, including non-farm payrolls report on Friday.

• Technical lean bearish, RSI is   lower at 43, momentum studies, 9, 11 DMAs falling southwards. 

• Immediate resistance is located at 1.6243(38.2% fib), any close above will push the pair towards 1.6279(Daily  high)

• Support is seen at 1.6157(23.6% fib) and break below could take the pair towards 1.6103 (Lower BB).

Recommendation: Good to sell on rally around 1.6250, with stop loss of 1.6380 and target price of 1.6170

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