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FxWirePro: EUR/AUD retreats slightly but trend is still bullish

• EUR/AUD retreated   on Monday as currency pair’s early gains evaporated  markets lost momentum ahead of a key U.S. inflation report this week.

• Investors will also watch out for figures on euro zone January industrial production due later in the week.

• EUR/NZD traded in 1.6571-1.6494  range .it was last trading at 1.6513.  

• EUR/AUD remains bullish , only a close back below  50%fib  , could upset the bullish order.

• Immediate resistance is located at 1.6571(38.2%fib), any close above will push the pair towards 1.6603(March 7th high).

• Strong support is seen at 1.6483(38.2% fib) and break below could take the pair towards 1.6421 (Lower BB).

Recommendation: Good to buy  around 1.6500, with stop loss of 1.6400 and target price of 1.6580

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