• EUR/AUD declined on Tuesday as Australian dollar moved higher against euro after RBA minutes retained a hawkish tone.
• Minutes from the central bank's Nov. 7 meeting showed deep concern over shifting inflation expectations, warning that rising prices could remain a challenge over the next 1-2 years.
• The pair dropped to test 1.5433(38.2% fib). A break under would unmask 1.6550 level .
• Technical lean bearish, RSI is trending lower at 49 , momentum studies, 9, 11 DMAs falling southwards.
• Immediate resistance is located at 1.6701 ( 5DMA), any close above will push the pair towards 1.6723 (50% fib)
• Support is seen at 1.6632(38.2% fib) and break below could take the pair towards 1.6560 (Oct 25th low).
Recommendation: Good to sell around 1.6650, with stop loss of 1.6750 and target price of 1.6580