• EUR/AUD erased earlier gains on Thursday, as euro attracted sellers after data showed Euro zone industrial output dipped in February.
• Output fell by 0.1% month-on-month in the 19 countries sharing the euro following a 2.3% increase in January. The decline was slightly less than 0.2% forecast.
• At GMT 15:09, the pair was trading down 0.39 percent at $1.7189 after reaching daily high at 1.7351.
• A daily bearish candle has formed and daily RSI is falling again both of which highlight bearish technicals.
• On the upside, Immediate resistance is located at 1.7351 ( Daily high), any close above will push the pair towards 1.7503 ( 38.2% fib)
• On the downside, support is seen at 1.6970(23.6% fib) and break below could take the pair towards 1.6877 (Lower BB).
Recommendation: Good to sell around 1.7200, with stop loss of 1.7600 and target price of 1.6800.
