FxWirePro :EUR/AUD caught in narrow range, bias neutral

• EUR/AUD strengthened on Wednesday but gains were limited as growing worries about COVID-19 pandemic and   downward revision to Germany’s growth forecast kept some investors cautious.

• Global coronavirus cases surpassed 100 million on Wednesday , as countries around the world struggle with new virus variants and vaccine shortfalls.

• The pair hit daily high at 1.5773 and was last trading at 1.5746 at (GMT 19:16).

• EUR/AUD bulls have to contend with strong resistance at 1.5777 (21DMA). If EUR/AUD longs overcome that level, tests of 1.5842(23.6%fib) is likely. 

•Resistance Levels : 1.5777 (21DMA) , 1.5842(23.6%fib), 1.5900 (Psychological level)        

• Support Levels: 1.5668 (50%fib), 1.5585 (61.8%fib), 1.5558(Lower BB)

Recommendation: Be on sidelines