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FxWirePro: EUR/AUD uptrend falters, leaving 1.5822 as key support

•EUR/AUD declined on Monday as euro was weighed down by negative shock from the coronavirus  and dovish comments made by ECB President Lagarde on the weekend.

• At GMT 17:02, the pair was trading down 0.10 percent  at 1.5832 after reaching daily high at 1.5909

• Selling pressure will remain in the short-term, only a move above 1.5909 (38.2% fib) strong resistance  will shift the bias higher.

•Immediate resistance is located at 1.5854 ( 50% fib), any close above will push the pair towards 1.5909 (38.2% fib).

• Strong support is seen at 1.5824 (5DMA) and break below could take the pair towards 1.5794 (61.8%fib).

Recommendation: Good to sell around 1.5850, with stop loss of 1.5950 and target price of 1.5780.
 

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