• EUR/AUD steadied on Wednesday as euro was supported by Tuesday's positive unemployment rate data.
• European Unemployment Rate decreased to 6.4% in November from October's 6.5%, supporting the euro despite bearish warnings from European Central Bank (ECB) policymakers.
• ECB policymakers on Wednesday voiced concerns over possible Eurozone recession last quarter and ongoing weak prospects, while maintaining current policy stance.
• From a technical viewpoint, RSI is strongly bullish at 54, daily momentum studies, 5, 10 and 11 DMA’s are trending up.
• Immediate resistance is located at 1.6391 (38.2%fib), any close above will push the pair towards 1.6432 (Higher BB).
• Immediate support is seen at 1.6339 (50%fib)and break below could take the pair towards 1.6287 (61.8%fib).
Recommendation: Good to buy on dips around 1.6370, with stop loss of 1.6200 and target price of 1.6440
