• EUR/AUD strengthened on Thursday as Australian dollar weakened despite strong jobs data on the back of falling commodities and lower global growth expectations despite .
• Figures from the Australian Bureau of Statistics on Thursday showed net employment rose 55,000 in October from September, more than double market forecasts of 20,000.
• The pair is currently approaching resistance at 23.6%fib. A break and daily close above will accelerate further gains towards 1.6850 level.
• Technical signals show the pair could gain more ground in the short-term as RSI is at 55 bullish, daily momentum studies 5, 9 and 11 DMAs are trending up.
• Immediate resistance is located at 1.6809 (23.6%fib), any close above will push the pair towards 1.6849 (Nov 14th high).
• Strong support is seen at 1.6711 (38.2% fib) and break below could take the pair towards 1.6690(5DMA)
Recommendation: Good to buy around 1.6770 with stop loss of 1.6589 and target price of 1.6850
