FxWirePro: EUR/AUD dips below lower range, bearish bias increases

• EUR/AUD declined on Friday, as euro was weighed down as global investors hunted for higher-yielding Australian dollar.

• EUR/AUD dived below the 38.2% fib and trades down to a 1.6799 low.

• Technical signals show the pair could lose more ground in the short-term as RSI is at 35 bearish, daily momentum studies 9, 10 and 11 DMAs are trending down.

• On the upside, Immediate resistance is located at 1.6283 ( 38.2% fib), any close above will push the pair towards 1.6314 (5 EMA)

• On the downside, support is seen at 1.6171 (23.6% fib ) and break below could take the pair towards 1.6100 (Psychological level).

Recommendation: Good to sell   around 1.6200, with stop loss of 1.6250 and target price of 1.6100.