FxWirePro: EUR/AUD set to for bigger drop, but close below key fibo needed

• EUR/AUD recovered some ground on Thursday as the pair  was aided by profit-taking on shorts.

• The pair is currently approaching resistance at 1.6152( 38.2%fib). Resistance at 1.6152 is likely to cap further upside in the pair.

• Technical signals are bearish as RSI is at 39, daily momentum studies  5, 9 and 10 DMAs are trending down. 

• On the upside, Immediate resistance is located at 1.6152( 38.2%fib), any close above will push the pair towards 1.6205 (14DMA).

• On the downside, support is seen at 1.6046 (38.2%fib ) and break below could take the pair towards 1.5912 (23.6%  fib).

 Recommendation: Good to sell on rally around 1.6150, with stop loss of 1.6220 and target price of 1.6000.