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

• EUR/AUD recovered some ground from initial decline on Tuesday as  investors focused on the outlook for reopening the UK economy from its lockdown.

• EUR/AUD recovers towards  above 1.5500 and holds near the day's high in US session. 

• EUR/AUD saw big  drop on Monday, a close below  23.6%fib will accelerate downtrend towards 1.6050.

• Technical signals are bearish as RSI is   lower at 40, moving averages trending lower. 

• Immediate resistance is located at 1.5547 ( 5DMA), any close above will push the pair towards 1.5609 ( 38.2% fib).

• Immediate support is seen at 1.5458 (23.6%fib) and break below could take the pair towards 1.5369 (Lower BB).

 Recommendation: Good to sell around 1.5510, with stop loss of 1.5600 and target price of 1.5440.