FxWirePro: EUR/AUD recovery capped at daily cloud, test of 76.4% Fib at 1.5631 likely

EUR/AUD chart - Trading View 

• EUR/AUD recovery capped at daily cloud, intraday bias bearish.
   
• Aussie bid in early Asian session on upbeat data from Australia, China and US-China trade optimism.
   
• The pair is trading 0.48% lower on the day at 1.5770 at 0700 GMT.
   
• The price action remains capped below cloud and major moving averages.
   
• Technical indicators are biased lower and momentum is with the bears.
   
• Scope for test of 78.6% Fib at 1.5631. Bearish invalidation on break above 200-DMA.

Support levels - 1.57, 1.5631 (76.4% Fib), 0.56

Resistance levels - 1.5807 (5-DMA), 1.5885 (cloud base), 1.5907 (200-DMA)

Call update: Our previous call (https://www.econotimes.com/FxWirePro-EUR-AUD-short-setup-on-Symmetric-Triangle-breach-1516339) has almost hit final targets. 

Recommendation: Stay short for 1.5630.

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.