• EUR/AUD declined on Wednesday as Aussie outperformed euro as risk sentiment improved.
• Month-end selling of EUR also mooted as factor in drop. The pair eyes 1.6400 after extending south from 1.6965.
• Technical lean bearish, RSI is lower at 30, momentum studies, 9, 11 DMAs falling southwards.
• On the upside, Immediate resistance is located at 1.6764 ( 5 DMA), any close above will push the pair towards 1.6965(23.6% fib)
• On the downside, support is seen at 1.6458 (Lower BB ) and break below could take the pair towards 1.6400 (Psychological level).
Recommendation: Recommendation: Good to sell on rally around 1.6650, with stop loss of 1.6950 and target price of 1.6400.
