• EUR/AUD initially dipped on Friday but recovered some ground as uncertainty over beleaguered Chinese property developer Evergrande helped the pair bounce back.
• EUR/AUD fails to break support at 1.5989 (38.2%fib) and recovers towards 1.6044 .
• The current downward pressure is likely to persit as long as the pair does not move above 1.6200 level.
• Immediate resistance is located at 1.6131( 38.2%fib), any close above will push the pair towards 1.6225 (Higher BB)
• Strong support is seen at 1.6084 (21DMA)and break below could take the pair towards 1.6050 (50%fib).
Recommendation: Good to sell around 1.6140, with stop loss of 1.6200 and target price of 1.6080.
