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FxWirePro:EUR/AUD gains some upside momentum but still bearish

• EUR/AUD initially gained on Wednesday but gave up ground as  ECB guidance and deteriorating Eurozone economic fundamentals  kept bearish pressure on euro.

• At GMT 17:32, the pair was trading up 0.23 percent  at 1.6562 after reaching daily high at 1.6579 (50%fib).

• EUR/AUD is likely to maintain its downward move as long as remains below 1.6671 (50%fib).

 • From a technical viewpoint, the moving averages are pointing downwards, while the RSI  is   bearish at 45.

• Immediate resistance is located at 1.6576(38.2%fib), any close above will push the pair towards 1.6603 ( 14DMA).

• Strong support is seen at 1.6469 (23.6%fib) and break below could take the pair towards 1.6440 (Lower BB).

Recommendation: Good to sell around 1.6590, with stop loss of 1.6700 and target price of 1.6480

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