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FxWirePro: EUR/AUD shorts look for key support break after mixed economic data from the Eurozone

• 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

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