FxWirePro:EUR/AUD shorts look for key support breaks after RBA doesn't reverse July taper decision
• EUR/AUD declined on Tuesday as Australian dollar rose across the board after RBA decided not to delay tapering bond purchases.
• The Reserve Bank of Australia (RBA) surprised the markets by sticking with plans to taper bond buying, arguing that once coronavirus lockdowns are eased, the economy will recover quickly.
• At GMT 17:41, the pair was trading down 0.37 percent at 1.6055.
• Technical signals are bearish as RSI is turning sharply lower , moving averages are mixed.
• Immediate resistance is located at 1.6095 ( 38.2%fib), any close above will push the pair towards 1.6181 (23.6%fib)
• Strong support is seen at 1.6020 (50 %fib ) and break below could take the pair towards 1.5960 (61.8%fib).
Recommendation: Good to sell around 1.6060, with stop loss of 1.6130 and target price of 1.5980.