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FxWirePro: EUR/AUD trend lower accelerates on vaccine concerns, scope for further drop

• EUR/AUD declined on Monday as sketchy progress in fighting the coronavirus pandemic and  differing  Euro Zone economic fundamentals weighed on euro.

• The pair currently is approaching to test support at 1.5620 (23.6% fib ). A close below would set the stage for a run lower near 1.5551(Lower BB).

• Technical signals are bearish as RSI is at 39, daily momentum studies  5, 9 and 10 DMAs are trending down. 

• Immediate resistance is located at 1.5640( 5 DMA), any close above will push the pair towards 1.5795 (38.2%fib)

• Support is seen at 1.5620 (23.6% fib ) and break below could take the pair towards 1.5564 (Lower BB).

Recommendation: Good to sell around 1.5680, with stop loss of 1.5800 and target price of 1.5560.
 

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