FxWirePro: EUR/AUD gives back chunk of early gains, bias neutral

• EUR/AUD initially gained on Friday but gave up ground as investors booked profits on long position ahead of week end.

• On the data front, consumer prices in France rose 1.6% year-on-year in October, statistics office INSEE said on Friday, revising slightly up its preliminary reading of 1.5% published late last month.

• EU-harmonised year-on-year inflation in the bloc's second-biggest economy accelerated slightly in October, compared with the September reading of +1.4%..

• From a technical viewpoint, the moving averages are pointing downwards, while the RSI  is strongly bearish at 48.

• Immediate resistance is located at 1.6350(38.2% fib), any close above will push the pair towards 1.6428(23.6% fib).

• Immediate support is seen at 1.6288(50%fib) and break below could take the pair towards 1.6220(61.8%fib).

Recommendation: Be on sidelines