• EUR/AUD declined on Friday as concerns about the damage to the global economy from further COVID-19 infections increased selling pressure.
• At GMT 18:03, the pair was trading down 0.41 percent at 1.6215.
• Technical signals are bearish as RSI is heading down at 42, daily momentum studies 5, 9 and 1 DMAs are trending down.
• On the upside, immediate resistance is located at 1.6346 ( 38.2%fib), any close above will push the pair towards 1.6422 (30 DMA)
• On the downside, support is seen at 1.6202 (Daily low ) and break below could take the pair towards 1.6138 (23.6%fib).
Recommendation: Good to sell around 1.6200, with stop loss of 1.6350 and target price of 1.6080.
