• EUR/AUD dipped on Wednesday as the attracted sellers ahead of Thursday’s policy meeting of the European Central Bank (ECB).
• Investors awaited The ECB meeting conclusion, with charts signaling a potential correction lower.
• At GMT 20:53, the pair was trading down 0.21 percent at 1.6027.
• Technically -daily momentum remains bullish but fading RSI has turned over from overbought .
• Immediate resistance is located at 1.6037 ( 38.2% fib), any close above will push the pair towards 1.6120(23.6%fib)
• Strong support is seen at 1.5999 (5DMA ) and break below could take the pair towards 1.5968(50%fib).
Recommendation: Good to sell around 1.6030, with stop loss of 1.6120 and target price of 1.5950.
