• EUR/AUD declined on Wednesday as euro was held down against Australian dollar by a combination of coronavirus-induced economic woes and U.S. election uncertainty.
• The recent drop from the recent 1.6515 high has passed through the 9 DMA at 1.8737 and 50% fib at 1.6400,now eyes the 20 DMA at 1.6320.
• At GMT 19:23, the pair was trading down 0.57 percent at 1.6369, lowest since 23rd September .
• Technical signals show the pair could lose more ground in the short-term as RSI is at 49 bearish, momentum studies 5, 10 DMAs are trending down.
• On the upside, Immediate resistance is located at 1.6394( 50 %fib), any close above will push the pair towards 1.6419 (9DMA).
• On the downside, support is seen at 1.6320 (20DMA ) and break below could take the pair towards 1.6259 (Lower BB).
Recommendation: Good to sell around 1.6380, with stop loss of 1.6550 and target price of 1.6270
