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FxWirePro:EUR/AUD maintains bearish bias with focus on 1.6200

• EUR/AUD declined on Tuesday as fears that consumer price growth will remain anaemic for years weighed on euro.

• The pair, already trading lower on the day, extended its drop to hit 1.6284, lowest since June 26th 2020.

• Technical signals show the pair could lose more ground in the short-term as RSI is at 44 bearish, momentum studies 30, 50  are trending down.

• On the upside, Immediate resistance is located at 1.6407( 30 DMA), any close above will push the pair towards 1.6467 (38.2% fib).

• On the downside, support is seen at 1.6271 (23.6% fib ) and break below could take the pair towards 1.6119 (Lower BB).

Recommendation: Good to sell   around 1.6300, with stop loss of 1.6450 and target price of 1.6200

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