•EUR/AUD fell sharply on Thursday as higher commodities prices and upbeat Australian employment boosted Australian dollar across the board.
• Net employment increased by 47,500 in August compared to July, according to the Australian Bureau of Statistics.
•The unemployment rate remained at 4.2%, as anticipated, while the participation rate held steady at a record high of 67.1%.
• EUR/AUD has seen a 1.6444-1.6325 range on Thursday, chart points to drop towards 1.6250 level.
•From a technical viewpoint, RSI is strongly bearish at 41, daily momentum studies, 5, 9 and 11 are trending down.
•Immediate resistance is located at 1.6460(38.2%fib), any close above will push the pair towards 1.6514(Sep 17th high)
• Support is seen at 1.6325(50%fib)and break below could take the pair towards 1.6251(Lower BB)
Recommendation: Good to sell around 1.6370 , with stop loss of 1.6460 and target price of 1.6260
