• EUR/AUD recovered some ground on Tuesday as optimism over another coronavirus vaccine supported euro.
• Pair traded in a quiet 1.1677/1.6279 range and was last trading at 1.6244 into the US afternoon. Another dip is likely. A break above resistence 1.6354 is unlikely.
• Technical signals are bearish as RSI is at 43, daily momentum studies 10,11 and 14 DMAs are trending down.
• On the upside, Immediate resistance is located at 1.6354 ( 38.2%fib), any close above will push the pair towards 1.6436 (30DMA)
• On the downside, support is seen at 1.6157 (23.6% fib ) and break below could take the pair towards 1.6063 (Lower BB).
Recommendation: Good to sell around 1.6250, with stop loss of 1.6354 and target price of 1.6080.
