• EUR/AUD declined on Friday as the pair was weighed down after US labor data showed April employment and wage figures had outpaced market expectations.
• Nonfarm payrolls increased by 253,000 in April, according to data released Friday by the Labor Department. The figure beat the 180,000 forecast of economists.
• EUR/AUD has seen a 1.6450-1.6311 range on Friday, chart points to bigger drop towards1.6200 level
• Technical signals are bearish as RSI is at 48, daily momentum studies 5, 9 and 10 DMAs are trending down.
• Immediate resistance is located at 1.6411 (23.6% fib), any close above will push the pair towards 1.6474 (5 DMA)
• Stong support is seen at 1.6313 (Daily low ) and break below could take the pair towards 1.6205 (38.2% fib).
Recommendation: Good to sell on rally around 1.6350, with stop loss of 1.6450and target price of 1.6250
