• EUR/AUD initially dipped but the pair turned slightly positive in US session as investors booked profits ahead of long weekend.
• On the data front, consumer prices in France rose 2.5% year-on-year in June, while German wholesale prices fell by 0.6% in June, compared with the same month last year
• The pair is holding near today's high and has managed to stay above the crucial level of 1.6028 strong support.
• Technical signals show the pair could lose more ground in the short-term as RSI is at 41,while moving averages and MACD are trending lower.
• Immediate resistance is located at 1.6097( 5DMA), any close above will push the pair towards 1.6147 (38.2%fib).
• Immediate support is seen at 1.6028 (23.6%fib) and break below could take the pair towards 1.6008(Lower BB).
Recommendation: Good to sell around 1.6070, with stop loss of 1.6160 and target price of 1.6000
