• EUR/AUD drops reacting to the latest insights from the Reserve Bank of Australia's policy discussions.
• Technical indicators show a downward trend with potential support tests at 1.6200 and October lows.
• Resistance lies at the 50-day SMA of 1.6296; a break above could challenge the 100-day and 200-day SMAs at 1.6368 and 1.6385, respectively.

On Tuesday, the EUR/AUD tumbled over 0.39% following the release of the last meeting minutes of the Reserve Bank of Australia (RBA). As Wednesday’s Asian session begins, the cross-pair trades at 1.6222, virtually unchanged.

EUR/AUD Price Forecast: Technical outlook

Technically speaking, the EUR/AUD shifted bearishly biased after clearing the 50, 100, and 200-day Simple Moving Averages (SMAs). Additionally, the successive series of lower highs and lower lows indicated the trend is downwards, and if sellers clear the November 19 low of 1.6211, a test of 1.6200 would be up next. A break below the latter will expose the October 18 low of 1.6134 before the pair drops to October’s low of 1.6005.