FxWirePro: EUR/AUD faces potential fall toward 1.5350,good to sell on rally

• EUR/AUD declined  on Monday as expanding COVID-19   in Eurozone  weighed on euro.

• The pair broke support at 1.5437 (14 DMA) and is approaching 23.6% at 1.5351. A close below will opens up 1.5300 level.

•EUR/AUD bearish bias trend   persists with drop below 1.5350 likely. At GMT 16:48, the pair was trading 0.16% lower  at 1.5428.

• Immediate resistance is located at 1.5437 (14 DMA), any close above will push the pair towards 1.5492(38.2% fib).

• Strong support is seen at 1.5351 (23.6%fib) and break below could take the pair towards 1.5299 (Lower BB).

Recommendation: Good to sell around 1.5440, with stop loss of 1.5540 and target price of 1.5360