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FxWirePro:EUR/AUD downside pressure builds, key support level in focus

• EUR/AUD  dipped towards 1.6300 level on Friday  as investors digested Eurozone and US inflation data.

• The personal consumption expenditures (PCE) price index increased 0.3% last month, the Commerce Department's Bureau   said on Friday .

• Euro zone inflation   in the 20 countries that share the euro rose by 2.6% year on year in May, inching away from the ECB's 2% target. 

• From a technical viewpoint, RSI  is strongly beaish  at 45, daily momentum studies, 5, 9 and 11 are trending down.

• Immediate resistance is located at 1.6355(38.2%fib), any close above will push the pair towards 1.6383 (Higher BB).

• Immediate support is seen at 1.6274 (23.6%fib) and break below could take the pair towards 1.6239 (Lower BB).

Recommendation: Good to sell  around 1.6320, with stop loss of 1.6450 and target price of 1.6260
 

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