• EUR/AUD declined on Monday as investors bought trade-exposed currencies like Australian dollar on expectations that a less volatile Biden administration could boost world commerce.
• The pair hit daily low at 1.6210, it was last down 0.69% at GMT 18:11.
• The is pair testing support at 1.6208, a daily close below 23.6% fib will accelerate downward momentum.
• Technical signals are bearish as RSI is at 39.Moving averages 5, 10 DMAs are trending down.
• On the upside, Immediate resistance is located at 1.6288( 5 DMA), any close above will push the pair towards 1.6397 (38.2%fib).
• On the downside, support is seen at 1.6208 (23.6%fib) and break below could take the pair towards 1.6120(Lower BB).
Recommendation: Good to sell on rallies around 1.6250, with stop loss of 1.6350 and target price of 1.6120.
