• EUR/AUD recovered some ground after initially falling on Wednesday as optimism over coronavirus vaccine and Brexit deal hope supported euro.
• EUR/AUD sinks near 1.6062 then sits near 1.6098 late in the day
• Sustained break of 1.6040 (23.6% fib ) would open the door to 1.5945 Jan 3rd 2020 low. Close above 1.6256 (38.2%fib) is needed to undermine downside bias
• On the upside, Immediate resistance is located at 1.6143 ( Daily high), any close above will push the pair towards 1.6205 (11 DMA)
• On the downside, support is seen at 1.6040 (23.6% fib ) and break below could take the pair towards 1.6000 (Psychological level).
Recommendation: Good to sell around 1.6120, with stop loss of 1.6215 and target price of 1.6010.
