• EUR/AUD held near recent lows on Wednesday as markets digested a weak German Ifo data and increased COVID cases.
• At GMT 22 :14, the pair was trading down 0.03 percent at 1.6176 after reaching daily low at 1.6159.
• EUR/AUD remains vulnerable, only a break and daily close above 1.6176 (38.2%fib) will shift bias to the upside.
• Technical are bearish, daily RSI is falling sowthwards, daily momentum studies 5 and 9 DMAs are trending down.
• Immediate resistance is located at 1.6217 (9DMA ), any close above will push the pair towards 1.6176 (38.2%fib).
• Strong support is seen at 1.6159 (50%fib )and break below could take the pair towards 1.6050 (61.8%fib).
Recommendation: Good to sell around 1.6190, with stop loss of 1.6260 and target price of 1.6100
