EUR/AUD traded lower during the European morning Wednesday, breaking briefly below the key support territory between 1.6250 and 1.6265. However, it was quick to rebound and return above that zone. The 4-hour chart suggests that the rate entered a consolidation phase on June 11th, oscillating between the aforementioned zone and the 1.6450 resistance. Thus, in the absence of a clear trending structure, we prefer to stay neutral for now, despite the latest negative wave. We would like to see another, and more decisive, attempt to break below 1.6250 before we start examining whether the outlook has turned negative. Such a break could signal the completion of a failure swing top formation and may initially pave the way towards the 1.6200 area, which is fractionally above the inside swing high of June 7th. The rate could rebound somewhat after testing that hurdle, but as long as a potential recovery stays limited below 1.6250, we would still see a decent chance for the sellers to rec