• EUR/AUD dipped on Monday, as fears surrounding the spread of coronavirus in China dragged the pair downwards.
• At GMT 16:04, the pair was trading 0.45% lower at 1.6508 , slightly lower from session high at 1.6537.
• Technical signals show the pair could lose some ground in the short-term as RSI is at 64 overbought mark, MACD is nearing zero line, pointing that some downside pull back is possible.
• On the upside, Immediate resistance is located at 1.6525 ( 9DMA), any close above will push the pair towards 1.6610 (Higher BB).
• On the downside, support is seen at 1.6462 (Daily low) and break below could take the pair towards 1.6437 (Trend line).
Recommendation: Good to buy on dips around 1.6460, with stop loss of 1.6400 and target price of 1.6550.
