• EUR/AUD strengthened on Thursday as currency pair attracted buying interest ahead of crucial global economic data and the first round of French elections.
• All eyes are now on a key U.S. inflation reading on Friday, which could play a role in gauging the Federal Reserve's rate outlook.
• The first round of French parliamentary elections over the weekend will also be on investors' radar.
• From a technical viewpoint, RSI is strongly bearish at 38, daily momentum studies, 5, 10 and 11 DMA’s are trending down
• Immediate resistance is located at 1.6148(38.2%fib), any close above will push the pair towards 1.6213(50%fib).
• Strong support is seen at 1.6041(23.6% fib) and break below could take the pair towards 1.5993 (Lower BB).
Recommendation: Good to sell around 1.6110, with stop loss of 1.6200 and target price of 1.6030
