• EUR/AUD gained on Wednesday, but surge in COVID infections put the brakes on a recent recovery.
• Pair climbs above 1.6282 and holds near the day's high late in US session.
• EUR/AUD outlook remains bleak, despite recent recovery attempts. Only a break and close above 30 DMA at 1.6319, will shift the bias higher
• Technicals are favouring bearish sentiment as RSI is at 43 and the pair is trading below 11 & 21-DMAs.
• On the upside, Immediate resistance is located at 1.6278 ( 23.6% fib), any close above will push the pair towards 1.6319 (30 DMA).
• On the downside, support is seen at 1.6200 (Psychological level) and break below could take the pair towards 1.6167 (Lower BB).
Recommendation: Good to sell on rallies around 1.6260 with stop loss of 1.6350 and target price of 1.6100.
