FxWirePro: EUR/AUD dips below lower range, bearish bias increases

• EUR/AUD declined  on Monday as   progress in curbing coronavirus infections boosted sentiment for riskier assets .

• EUR/AUD hit low at  1.5388  and trades  at 1.5388  in afternoon US session. 

•Sell on rally strategy prevails & techs highlight downside  risks.

• Technical signals are bearish as RSI is at 27, daily momentum studies  10,11 and 14 DMAs are trending down. 

•  Immediate resistance is located at 1.5375 ( 38.2%fib), any close above will push the pair towards 1.5449 (50%fib).

• Immediate support is seen at 1.5388 (lower BB ) and break below could take the pair towards 15287 (23.6%fib).

Recommendation: Good to sell   around 1.5340, with stop loss of 1.5500 and target price of 1.5270.