• EUR/AUD eased on Wednesday after data showed German producer prices fell year-over-year in February.
• The German Federal Statistics Office reported that producer prices in February dropped by 4.1% on an annualized basis, surpassing expectations for a steeper decline.
• At GMT 20:15, the pair was trading down 0.26 percent at 1.6587 after reaching daily high at 1.6657.
• From a technical viewpoint, RSI is bullish at 53, daily momentum studies 14 and 21 are trending up.
• Immediate resistance is located at 1.6672( 23.6%fib), any close above will push the pair towards 1.6702(Higher BB).
• Strong support is seen at 1.6570 (38.2%fib ) and break below could take the pair towards 1.6487 (50%fib).
Recommendation: Good to buy around 1.6580, with stop loss of 1.6460 and target price of 1.6650
