• EUR/AUD rose higher on Thursday as soured risk sentiment and soft Australian jobs data knocked the risk-sensitive Australian dollar.
• Figures from the Australian Bureau of Statistics (ABS) on Thursday showed net employment fell 14,600 in December from November, when it surged by a revised 58,200,.
• The pair is currently approaching resistance at 38.2%fib. Break above is likely push the pair towards 1.5850 level.
• Technical signals are turning bullish as RSI is turning higher at 55, daily momentum studies 5, 9 and 10 DMAs are trending up.
• Immediate resistance is located at 1.5751( 38.2%fib), any close above will push the pair towards 1.5869 ( 29th Dec high)
• Strong support is seen at 1.5588 (50%fib) and break below could take the pair towards 1.5529 (5DMA).
Recommendation: Good to buy around 1.5650, with stop loss of 1.5590 and target price of 1.5730.
