• EUR/AUD some recovered ground on Tuesday, but upside was limited as spreading coronavirus in Europe forced investors to dump euro.
• EUR/AUD recovery from 1.5424 low was rejected by the 50-day moving average and 38.2%fib 1.5536.
• EUR/AUD remains vulnerable, only a break and daily close above 50% fib at 1.5686 will shift bias to the upside.
• Immediate resistance is located at 1.5536 (38.2% fib), any close above will push the pair towards 1.5607(24th March high).
• Strong support is seen at 1.5447 (5DMA) and break below could take the pair towards 1.5351 (23.6%fib).
Recommendation: Good to sell on around 1.5470, with stop loss of 1.5540 and target price of 1.5400
