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FxWirePro:EUR/AUD eyes bear trend resumption as COVID concerns likely to weigh

• EUR/AUD declined on Monday as COVID concerns in Eurozone weighed on the pair.

• Weekend reports indicated growing alarm in Euro Zone over spread of COVID-19, EUR/AUD likely to be more vulnerable if Germany and France are increasing  lockdowns

• In coming sessions the pair is set to drop towards 1.5324.A break and daily close below 23.6%fib  would weaken the outlook further. 

• Upside risks is limited as barrier at 1.5448 (Higher BB)is set to restricting higher move.

• Immediate resistance is located at 1.5433( 21 DMA), any close above will push the pair towards 1.5481(38.2% fib).

• Support is seen at 1.5324 ( 23.6%fib) and break below could take the pair towards 1.5200 (Psychological level).

Recommendation: Recommendation: Good to sell   around 1.5430, with stop loss of 1.5500 and target price of 1.5360.
 

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