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FxWirePro:EUR/AUD pauses decline, downside risk remains

• EUR/AUD declined on Tuesday as investors braced for prolonged uncertainty to fight the coronavirus.

• The pair, already trading lower on the day, extended its drop to hit 1.7553, a one week low, it was last down 0.76% on the day.

• Technical signals show the pair could lose more ground in the short-term as RSI is at 47.48 bearish, daily momentum studies 9, 10 and 11 DMAs are trending down.

• On the upside, Immediate resistance is located at 1.7748 ( 30 DMA), any close above will push the pair towards 1.7859 (5 DMA).

• On the downside, support is seen at 1.7418 (Lower BB) and break below could take the pair towards 1.7374 (50 EMA).

Recommendation: Good to sell on rallies around 1.7700, with stop loss of 1.8000 and target price of 1.7350.
 

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