• EUR/AUD dipped on Friday as investors absorbed a mix of Eurozone economic data.
• Data from Germany, France, Italy, and Spain indicate that inflation remained largely steady in August, staying close to the target rate once again..
• Germany’s unemployment has surpassed three million for the first time in ten years, according to figures released by the labour office on Friday.,
• In August, a total of 3.02 million people were unemployed in Germany on a seasonally unadjusted basis, marking an increase of 46,000 from the previous month.
• The ECB is expected to keep rates on hold, mirroring its July meeting, after delivering eight rate cuts since mid-2024 in September,
• Immediate resistance is located at 7.0943(SMA 20), any close above will push the pair towards 1.8127 (Higher BB).
• Immediate support is seen at 1.7788(50%fib) and break below could take the pair towards 1.7739(Lower BB).
Recommendation: Good to buy on dips around 1.7750 with stop loss of 1.7690 and target price of 1.9870.
