• EUR/AUD declined on Monday as investors braced for prolonged uncertainty to fight the coronavirus.
• The pair is currently approaching key support at 1.6991 (5 DMA ). A break under 1.6991 would unmask 1.6550 level in the short term.
• Technical signals are bearish as RSI is at 37, daily momentum studies 5, 9 and 10 DMAs are trending down.
• Immediate resistance is located at 1.7110 ( 5 DMA), any close above will push the pair towards 1.7181 (11DMA)
• Strong support is seen at 1.6991 (5 DMA ) and break below could take the pair towards 1.6539 (Lower BB).
Recommendation: Recommendation: Good to sell around 1.7000, with stop loss of 1.7300 and target price of 1.6600.
