• EUR/AUD eased from 1.6305 level on Friday after record monthly drop in euro zone inflation figures.
• Eurostat data showed inflation in the euro zone dropped by the most on record in March. However, growth in core prices accelerated.
• The pair pulled back after failing to break resistance at 1.6300, it was last trading at 0.17 down 1.6212.
• Technical signals are bullish as RSI at 65, daily momentum studies 21, 30 and 50 DMA’s are trending up.
• Immediate resistance is located at 1.6305 (23.6% fib), any close above will push the pair towards 1.6328( Higher BB).
• Immediate support is seen at 1.6210(5DMA) and break below could take the pair towards 1.6148(38.2% fib).
Recommendation: Good to buy around 1.6200, with stop loss of 1.6100 and target price of 1.6300
