•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.
