FxWirePro: EUR/AUD loses momentum but bullish setup remains

• EUR/AUD initially rally fizzled out on Thursday as investors digested release of eurozone inflation data as well as the Bank of England's latest monetary policy decision.

• Inflation in the eurozone fell more slowly than expected, keeping rate cuts on hold.

•The next significant economic data release will be Friday's US employment report, which is expected to indicate that employers added 180,000 jobs during the month.

• Pair traded in   1.6436/1.6602  range and was last trading at 1.6524 in late US session.
 
• Technical signals are bushish as RSI is at 55, daily momentum studies  5,9 and 10 DMAs are trending up. 

•  Immediate resistance is located at 1.6575( 23.6%fib), any close above will push the pair towards 1.6627 (Higher BB).

• Strong  support is seen at 1.6490 (38.2% fib ) and break below could take the pair towards 1.6428  (50% fib).

Recommendation: Good to buy  around 1.6510, with stop loss of 1.6410 and target price of 1.6580.