FxWirePro:EUR/AUD force is with bears as pair dips to lowest level since July 26th
• EUR/AUD declined on Thursday as Australian dollar continued to gain in the aftermath of this week’s upbeat RBA statement.
•Australian dollar continued to strengthen despite global growth concerns and new COVID-19 cases peak in Sydney.
• At GMT 17:48, the pair was trading down 0.35 percent at 1.5978.
•Technical signals are bearish as RSI is heading down, daily momentum studies 5, 9 and 11 DMAs are trending down.
•Immediate resistance is located at 1.5997 ( 50%fib), any close above will push the pair towards 1.6080 (61.8 %fib)
• Strong support is seen at 1.5961 (Daily low ) and break below could take the pair towards 1.5910 (38.2%fib).
Recommendation: Good to sell around 1.5990, with stop loss of 1.6080 and target price of 1.5910.