• EUR/AUD move lower on Friday as the pair attracted selling after European inflation data
• Flash data from Eurostat showed Eurozone inflation softened for the second straight month in February.
• The harmonized index of consumer prices rose 2.6% annually after rising 2.8% in January. Prices were forecast to climb 2.5%.
• EUR/AUD drops swiftly from 1.6658 to hit daily low at 1.6576. The pair was last trading at 1.6600 .
• Immediate resistance is located at 1.6658 ( Daily high), any close above will push the pair towards 1.6682 (23.6%fib).
• Immediate support is seen at 1.6583 (38.2%fib) and break below could take the pair towards 1.6501(50%fib).
Recommendation: Good to buy around 1.6590, with stop loss of 1.6500 and target price of 1.6660
