• EUR/AUD advanced on Thursday as investors digested a series of economic releases from both the Eurozone and the United States.
• Data showed that U.S. producer prices unexpectedly declined in April, alongside a slowdown in retail sales data.
• The Eurozone economy expanded by 1.2% year-on-year in Q1 2025, in line with the previous quarter and the earlier flash estimate.
• Investors are now turning their attention to the University of Michigan’s May data, scheduled for release on Friday.
• A disappointing report coupled with a drop in inflation expectations could strengthen concerns that the U.S. economy is losing momentum.
• Immediate resistance is located at 1.7566 (50% fib), any close above will push the pair towards 1.7630(May 8th high).
• Immediate support is seen at 1.7244 (61.8% fib) and break below could take the pair towards 1.7172(Lower BB).
Recommendation: Good to buy on dips around 1.7460, with stop loss of 1.7400 and target price of 1.7550.
