FxWirePro: EUR/AUD gains some upside momentum but still bearish

• EUR/AUD edged up on Thursday as markets digested Eurozone unemployment figures and softer-than-expected German inflation data.

• Eurozone jobless rate stayed at a record low in June, signaling steady growth despite global trade tensions, Eurostat data showed Thursday.

• German inflation eased more than expected in July, falling to 1.8% year-on-year, according to preliminary data from the federal statistics office on Thursday—signaling further relief in price pressures across Europe's largest economy.

• Looking ahead, traders remain cautious as several high-impact U.S. data releases are due Friday. These include the July Nonfarm Payrolls report, the ISM Manufacturing PMI, and the University of Michigan Consumer Sentiment Index.

• Technically, the outlook for EUR/AUD remains bearish as RSI (Relative Strength Index) is falling .Furthermore, the pair continues to trade below    key moving averages (10 , 21 , and 55-day), all of which reinforce the bearish bias.

• Immediate resistance is located at 1.7854(SMA 20), any close above will push the pair towards 1.8066(38.2%fib)

•    Strong support is seen at 1.7721(50%fib) and break below could take the pair towards 1.7609(Lower BB).

Recommendation: Good to sell   around 1.7790 with stop loss of 1.7860 and target price of 1.7720