• EUR/AUD rose past 1.6600 key level on Wednesday as soured risk sentiment, US dollar gains helped drive Australia dollar down across the board.
• Thursday's focal points will include the Australian Unemployment Rate and Employment Change figures for December.
• A daily close above 23.6% fib will further improve the technical outlook, and open the possibility of a rally towards 1.6700 level.
• From a technical viewpoint, RSI is strongly bullish at 69, daily momentum studies, 5, 10 and 11 daily MAs are pointing higher.
• Immediate resistance is located at 1.6638(Higher BB), any close above will push the pair towards 1.6667(23.6%fib).
• Immediate support is seen at 1.6570(38.2%fib) and break below could take the pair towards 1.6475 (50%fib).
Recommendation: Good to buy on dips around 1.6610, with stop loss of 1.6500 and target price of 1.6700
