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FxWirePro:EUR/AUD stuck in range but maintains bearish bias

• EUR/AUD  gave up early gains on Wednesday as worries of  third wave of COVID-19 infections in Eurozone weighed on the pair.

• EUR/AUD  hit daily high at 1.5436, before retreating  slightly trade at 1.5427 by 16:53 GMT. 

• EUR/AUD  is in danger of crashing under major fibo support, clear break of 1.5436 opens 1.5300 level.

• Technical signals  favours  bearish sentiment, RSI is at 46 and pair trades below 5,11  & 14-DMAs.

• Immediate resistance is located at 1.5436 (30DMA), any close above will push the pair towards 1.5500(Psychological level).

•  Strong support is seen 1.5378(23.6%fib) and break below could take the pair towards 1.5304(Lower BB)

 Recommendation: Good to sell   around 1.5420, with stop loss of 1.5500 and target price of 1.5330
 

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