FxWirePro:EUR/AUD reverses recent rally, bias back to downside

• EUR/AUD initially gained  on Wednesday but rally fizzed  after data showed Euro zone retail sales fell in Aug.

• Data showed Euro zone retail sales fell  1.2% month-on-month, Economists polled   had expected a 0.3% month fall.

• EUR/AUD failed to break resistance at 38.2%fib resistance rejecting the upside,Scope grows for a likely slump towards .
•Immediate resistance is located at 1.664 (38.2%fib), any close above will push the pair towards 1.6701 (50DMA).

•Immediate support is seen at 1.6543(23.6%fib) and break below could take the pair towards 1.6466(Sep 26th low).

Recommendation: Good to sell around 1.6610 with stop loss of 1.6700 and target price of 1.6520