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FxWirePro:EUR/AUD neutral in the near-term, scope for downward resumption

Monday, March 22, 2021 3:21 PM UTC

• EUR/AUD gained some ground on Monday but lack of liquidity in market and spread of the COVID-19 and government lockdowns in Eurozone kept gains in check.

•EUR/AUD remains bearish, only a significant close above 1.5437 (30DMA), could upset the bearish order.

• Technical signals are bearish as RSI is at 42, daily momentum studies 21, and 30 DMAs are trending down.

• Immediate resistance is located at 1.5431 ( 38.2%fib), any close above will push the pair towards 1.5471 (30DMA).

• Support is seen at 1.5359 (5 DMA ) and break below could take the pair towards 1.5300 (Psychological level).

Recommendation: Good to sell around 1.5430 with stop loss of 1.5470 and target price of 1.5360.

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FxWirePro:EUR/AUD neutral in the near-term, scope for downward resumption

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