FxWirePro: EUR/USD Triple Bottom Pattern Intensifies Renewed Bullishness, Major Downtrend Still Intact – Trading & Hedging Setup
FxWirePro:EUR/AUD attracts selling interest, vulnerable to more downside
• EUR/AUD declined on Monday as investors braced for prolonged uncertainty to fight the coronavirus.
• Fears mounted that the global coronavirus shutdown could last for months.
• At GMT 18:10, the pair was trading 0.80% lower at 1.6829 in the late US session.
• Technical lean bearish, RSI has turned lower, momentum studies, 5, 10 DMAs falling southwards.
• On the upside, Immediate resistance is located at 1.8146 ( 5DMA), any close above will push the pair towards 1.8484 (61.8% fib).
• On the downside, support is seen at 1.7535 (38.2% fib) and break below could take the pair towards 1.7020 (23.6% fib).
Recommendation: Good to sell on rallies around 1.8100, with stop loss of 1.8500 and target price of 1.7500.