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

Tuesday, November 16, 2021 10:55 PM UTC

• 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.

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

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