• EUR/AUD recovered some ground on Monday but retreated from recent highs as coronavirus, economic and trade concerns dented surge.
• The pair is currently approaching resistance at 1.6456 (38.2 %fib). Resistance at 1.6456 is likely to cap further upside in the pair.
• Technical signals are bearish as RSI is at 46, momentum studies 30, 50 DMAs are trending down.
• On the upside, Immediate resistance is located at 1.6415 ( 9DMA), any close above will push the pair towards 1.6456 (38.2 %fib).
• On the downside, support is seen at 1.6327 (Daily low) and break below could take the pair towards 1.6276 (23.6% fib).
Recommendation: Good to sell around 1.6400, with stop loss of 1.6500 and target price of 1.6300.
