• 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.
