• EUR/AUD dipped on Friday as drop was influenced mixed economic data from the Eurozone, which exerted bearish pressure on the euro.
• According to Destatis, data indicated that the German economy contracted by -0.3% in line with expectations on a quarterly basis in Q4 2023.
• In February, the headline German IFO business climate index increased to 85.5 from January's figure of 85.2.
• From a technical viewpoint, the moving averages are pointing downwards , while the RSI trending down at 49 .
• Immediate resistance is located at 1.6544(38.2%fib), any close above will push the pair towards 1.6602(Higher BB)
• Strong support is seen at 1.6469(38.2 %fib ) and break below could take the pair towards 1.6405(Lower BB).
Recommendation: Good to sell around 1.6490, with stop loss of 1.6570 and target price of 1.6400
