FxWirePro: EUR/AUD gains some upside momentum but still bearish

• EUR/AUD recovered some ground on Friday as  hopes that massive stimulus measures and vaccination programmes will spur a recovery in the global economy supported the pair.

•EUR/AUD moving slightly higher into the US session  and is sitting around 1.5412.Support at 1.5370 (23.6% fib ) holding   but break below would motivate sellers to aim for 1.5285 (Lower BB).

• Technical signals are bearish as RSI is at 42, daily momentum studies  5,9 and 10 DMAs are trending down. 

• Immediate resistance is located at 1.5427 ( 5DMA), any close above will push the pair towards 1.5498 (38.2%fib).

• Strong support is seen at 1.5370 (23.6% fib ) and break below could take the pair towards 1.5285 (Lower BB).

Recommendation: Good to sell   around 1.5420, with stop loss of 1.5550 and target price of 1.5370.