• EUR/AUD initially rose on Thursday but rising coronavirus cases and the uneven distribution of vaccine rollouts triggered selling long positions.
• EUR/AUD hits highest since Jan 5th then reverses sharply, last trades at 1.5792 down 0.05%.
• The pair is currently approaching resistance at 1.5757 (61.8% fib). Break below will accelerate future downside.
• On the upside, Immediate resistance is located at 1.5816 ( 50%fib), any close above will push the pair towards 1.5871(38.2 % fib)
• On the downside, support is seen at 1.5757 (61.8%fib ) and break below could take the pair towards 1.5726 (9DMA).
Recommendation: Good to sell on rally around 1.5800, with stop loss of 1.5900 and target price of 1.5680.
