FxWirePro: EUR/AUD reverses recent rally, bias back to downside

• EUR/AUD declined on Thursday  as Australian dollar strengthened against euro after upbeat Australian jobs data.

• In February, employment in Australia experienced a robust rebound, surpassing expectations, as the jobless rate plummeted significantly, signaling a strong resurgence in the labor market.

• Data released by the Australian Bureau of Statistics on Thursday revealed a notable surge in net employment, with an increase of 116,500 jobs recorded in February compared to the revised figure of 15,200 in January.

• Jobless rate fell to 3.7%, returning to the level seen six months prior, marking a decline from its peak of 4.1% reached two years ago.

• Technical highlight downside risks for EUR/AUD, with momentum studies, 5, 10 and 21 DMAs tracking south

• Immediate resistance is located at 1.6555 (38.2% fib), any close above will push the pair towards 1.6601(Daily high)

• Support is seen at 1.6479 (50% fib ) and break below could take the pair towards 1.6440 (Lower BB).

  Recommendation: Good to sell   around 1.6540, with stop loss of 1.6640 and target price of 1.6450