• EUR/AUD declined on Friday as stronger Australian dollar and slightly weak German GDP data on weighed on euro
• Germany's economy shrank slightly in the third quarter compared with the previous three months, data from its statistics office showed on Friday.
•The pair is approaching 50%fib,a daily close below will accelerate towards 1.6500 level in the short term.
• From a technical viewpoint, the moving averages are pointing downwards, while the RSI is bearish at 45.
• Immediate resistance is located at 1.6661(50%fib), any close above will push the pair towards 1.6675( 5DMA).
• Strong support is seen at 1.6590 (38.2%fib) and break below could take the pair towards 1.6507 (23.6%fib).
Recommendation: Good to sell around 1.6610, with stop loss of 1.6750 and target price of 1.6550.
