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FxWirePro:EUR/AUD dips below lower range, bearish bias increases

• EUR/AUD declined on Wednesday  as increased risk appetite  added to the AUD's shine.

• Investors sought riskier assets despite rise in COVID cases in China.

•Technical signals are bearish as RSI is heading down , daily momentum studies  5, 9 and 11 DMAs are trending down. 

•Immediate resistance is located at 1.5822 ( 5DMA), any close above will push the pair towards 1.5946(23.6%fib)

• Support is seen at 1.5677(38.2%fib ) and break below could take the pair towards 1.5567(Dec 6th low).

Recommendation: Good to sell on rally around 1.5750, with stop loss of 1.5830 and target price of 1.5680.

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