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FxWirePro:EUR/AUD gains some upside momentum but still bearish

 • EUR/AUD recovered some ground on Monday  as  hopes for economic revival on coronavirus vaccines supported the pair.

• EUR/AUD traded up to 1.6270 and was around to 1.6247 into the US afternoon, close above  1.6341 (38.2%fib) is needed to end the downside bias.

• Technical signals are bearish as RSI is at 42, daily momentum studies  14, 20 and 21 DMAs are trending down. 

• On the upside, Immediate resistance is located at 1.6249 ( 14 DMA), any close above will push the pair towards 1.6341 (38.2%fib)

• On the downside, support is seen at 1.6190 (Daily low ) and break below could take the pair towards 1.6142 (23.6% fib).

Recommendation: Good sell around 1.6240, with stop loss of 1.6350 and target price of 1.6200.

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