• EUR/AUD recovered some ground on Monday as hopes for economic revival on coronavirus vaccines supported the pair.
• EUR/AUD traded up to 1.6270 and was around to 1.6247 into the US afternoon, close above 1.6341 (38.2%fib) is needed to end the downside bias.
• Technical signals are bearish as RSI is at 42, daily momentum studies 14, 20 and 21 DMAs are trending down.
• On the upside, Immediate resistance is located at 1.6249 ( 14 DMA), any close above will push the pair towards 1.6341 (38.2%fib)
• On the downside, support is seen at 1.6190 (Daily low ) and break below could take the pair towards 1.6142 (23.6% fib).
Recommendation: Good sell around 1.6240, with stop loss of 1.6350 and target price of 1.6200.
