• EUR/AUD recovered some ground on Thursday as shorts ceded some ground after ECB rate decision.
•The European Central Bank opted to maintain borrowing costs at record levels while carefully preparing for potential reductions later in the year.
•Markets took ECB revisions as further confirmation that interest rate cuts would start soon.
• In an up-and-down session, the pair hit low at 1.6445 in early trading then gained towards 1.6555.
• Immediate resistance is located at 1.6600( March 7th high), any close above will push the pair towards 1.6638 ( 38.2%fib).
• Strong support is seen at 1.6530 (50%fib) and break below could take the pair towards 1.6441 (Daily low).
Recommendation: Good to but around 1.6540, with stop loss of 1.6400 and target price of 1.6620.
