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FxWirePro: EUR/AUD bears gain control, 38.2% fib eyed

• EUR/AUD declined on Wednesday as euro was held down against Australian dollar by a combination of coronavirus-induced economic woes and U.S. election uncertainty.

• The recent drop from the recent 1.6515 high has passed through the 9 DMA at 1.8737 and 50% fib at 1.6400,now eyes the 20 DMA at 1.6320.

• At GMT 19:23, the pair was trading down 0.57 percent   at 1.6369, lowest since 23rd September .

• Technical signals show the pair could lose more ground in the short-term as RSI is at 49 bearish, momentum studies 5, 10 DMAs  are trending down.

• On the upside, Immediate resistance is located at 1.6394( 50 %fib), any close above will push the pair towards 1.6419 (9DMA).

• On the downside, support is seen at 1.6320 (20DMA ) and break below could take the pair towards 1.6259 (Lower BB).

Recommendation: Good to sell   around 1.6380, with stop loss of 1.6550 and target price of 1.6270
 

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