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• EUR/AUD declined on Monday as new lockdown measures in Europe increased selling pressure.
• As COVID-19 cases surge across Europe, nationwide lockdowns have been announced in Britain, France and Germany as new lockdown measures in Europe
• At GMT 17:34, the pair was trading down 0.31 percent at 1.6500
• Technical signals are bearish as RSI is heading down at 49, daily momentum studies 5, 9 DMAs are trending down.
• On the upside, Immediate resistance is located at 1.6532 ( 38.2%fib), any close above will push the pair towards 1.6654 (23.6%fib)
• On the downside, support is seen at 1.6496 (30DMA ) and break below could take the pair towards 1.6439 (50%fib).
Recommendation: Good to sell around 1.6500, with stop loss of 1.6650 and target price of 1.6400.
