• EUR/AUD declined on Tuesday as Australian dollar strengthened after RBA remained on hold at 4.10% .
• The Reserve Bank of Australia (RBA) kept its cash rate at an 11-year high of 4.10%, having lifted rates by 400 basis points since May last year.
• Technical signals are bearish as RSI is heading down at 49, daily momentum studies 5, 9 and 11 DMAs are trending down.
• Immediate resistance is located at 1.6317 ( 11DMA), any close above will push the pair towards 1.6407(38.2%fib)
• Support is seen at 1.6231 (50%fib ) and break below could take the pair towards 1.6158(June 22nd Low).
Recommendation: Good to sell on rally around 1.6270, with stop loss of 1.6390 and target price of 1.6200.
