FxWirePro:EUR/AUD advantage bears but major supports holds, downside risk remains

• EUR/AUD declined on Thursday as euro weakened after Fed Chair Powell's Jackson Hole speech.

• The Federal Reserve   rolled out an aggressive new strategy to restore the United States to full employment and lift inflation back to healthier levels

• At GMT 17:48, the pair was trading down 0.38 percent at $1.6291.

•  Technical signals are bearish as RSI is heading down at 40, daily momentum studies  5, 9 and 11 DMAs are trending down, bolster bearish momentum.

• A long upper wick has formed on the August 25th candle, which suggests EUR/AUD  bear trend. 

• On the upside, strong resistance is located at 1.6360 ( 50% fib), any close above will push the pair towards 1.6400(5 DMA)

• On the downside, immediate support is seen at 1.6276 (38.2 %fib ) and break below could take the pair towards 1.6170 (23.6%fib).

Recommendation: Good to sell around 1.6350, with stop loss of 1.6400 and target price of 1.6250.