• EUR/AUD declined on Tuesday as worries over the impact of economic lockdowns and uncertainty over U.S. stimulus weiged on the pair.
• EUR/AUD traded as high as 1.6264 before tumbling to as low as 1.6133. At GMT 18:18, the pair was trading down 0.57 percent at 1.6171.
• Technical signals are bearish as RSI is heading down at 39, daily momentum studies 11, 14 and 21 DMAs are trending down.
• On the upside, Immediate resistance is located at 1.6232 ( 14 DMA), any close above will push the pair towards 1.6346(38.2%fib)
• On the downside, support is seen at 1.6139 (23.6 %fib ) and break below could take the pair towards 1.6024 (Lower BB).
Recommendation: Good to sell around 1.6200, with stop loss of 1.6300 and target price of 1.6080.
