• EUR/AUD hovered near December monthly low on Tuesday as concern about rising COVID-19 cases in major economies offset Corona virus vaccine optimism.
• Investors awaited Wednesday's Fed meeting conclusion, with charts signaling a potential correction lower.
• At GMT 18:34, the pair was trading down 0.25 percent at 1.6070.
• Technical signals are bearish as RSI is heading down at 37, daily momentum studies 5, 9 and 11 DMAs are trending down.
• On the upside, Immediate resistance is located at 1.6194 ( 38.2% fib), any close above will push the pair towards 1.6220(14 DMA)
• On the downside, support is seen at 1.6044 (Dec 15th low ) and break below could take the pair towards 1.6000(23.6%fib).
Recommendation: Good to sell on rally around 1.6120, with stop loss of 1.6280 and target price of 1.6050.
