• Fxwirepro:eur/aud scope for bigger drop after rejection at 38.2% Fibonacci

    Source: FxWire Pro - Technicals / 22 Nov 2020 11:41:38   America/New_York

    • EUR/AUD declined on Friday as concerns about the damage to the global economy from further COVID-19 infections increased selling pressure.

    • At GMT 18:03, the pair was trading down 0.41 percent at 1.6215.

    •  Technical signals are bearish as RSI is heading down  at 42, daily momentum studies  5, 9 and 1 DMAs are trending down. 

    • On the upside, immediate resistance is located at 1.6346 ( 38.2%fib), any close above will push the pair towards 1.6422 (30 DMA)

    • On the downside, support is seen at 1.6202 (Daily low ) and break below could take the pair towards 1.6138 (23.6%fib).

    Recommendation: Good to sell  around 1.6200, with stop loss of 1.6350 and target price of 1.6080.
     

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