• EUR/AUD declined on Thursday as Australian dollar was boosted by Ukraine ceasefire hopes, upbeat jobs data and higher commodities prices.
• Figures from the Australian Bureau of Statistics on Thursday showed employment jumped 77,400 in February, double forecasts of a 37,000.The unemployment rate fell to 4.0%, from 4.2%
• The pair, already trading lower on the day, extended its drop to hit 1.5936, lowest since Sep 7th.
• Technical signals show the pair could lose more ground in the short-term as RSI is at 40 bearish, daily momentum studies 9, 10 and 11 DMAs are trending down.
• Immediate resistance is located at 1.5130 ( 5DMA), any close above will push the pair towards 1.5211 (38.2%fib).
• Immediate support is seen at 1.4973 (23.6% fib) and break below could take the pair towards 1.4804 (March 4th low).
Recommendation: Good to sell around 1.5040, with stop loss of 1.5150 and target price of 1.4940
