• EUR/AUD initially dipped but it regained much of its earlier losses on Wednesday as investors eagerly awaited PMI data from Eurozone and Germany scheduled for release on Thursday. .
• Traders are poised to closely watch the HCOB Purchasing Managers Index (PMI) data from both the Eurozone and Germany.
• At GMT 21 :51, the pair was trading up 0.08percent at 1.6527 after reaching daily low at 1.6458 .
• Technical signals are bearish as RSI is heading down at 49, daily momentum studies 5 and 9 DMAs are trending down.
• Immediate resistance is located at 1.6542(38.2%fib), any close above will push the pair towards 1.6609(Higher BB)
• Strong support is seen at 1.6462 (50 %fib ) and break below could take the pair towards 1.6407(Lower BB).
Recommendation: Good to sell around 1.6520, with stop loss of 1.6600 and target price of 1.6430
