FxWirePro: EUR/AUD downside pressure builds, key support level in focus

• EUR/AUD eased on Friday as euro weakened  on  fears of US tariffs and weak Eurozone growth.

• Political instability in Germany and France, coupled with expectations of aggressive ECB rate cuts, has caused the Euro to become the worst-performing.

• Data on Friday showed that French consumer prices grew in line with expectations in November. Germany’s inflation report on Thursday showed price pressures remaining flat in November despite expectations of a second consecutive increase.

• Technical lean bearish, RSI is   lower at 45 daily momentum studies  9, 11 and 14 DMA’s are trending down. 

• Immediate resistance is located at 1.6256(38.2%fib), any close above will push the pair towards 1.6324(23.6%fib).

• Support is seen at 1.6203 (50%fib) and break below could take the pair towards 1.6156 (61.8%fib).

Recommendation: Good to sell around 1.6240, with stop loss of 1.6360 and target price of 1.6140