• EUR/AUD edged higher but gains were limited as soft Australian jobs data prompted a rethink on RBA rate expectations Australian jobs data.
• Australian employment rose by more than expected in April, data showed on Thursday, but the jobless rate still climbed to a three-month top.
• EUR/AUD recovered some ground but lift stops after finding resistance at 1.6315 (38.2% fib).
• Technical signals are bearish as RSI is heading down at 40, daily momentum studies 5, 9 and 11 DMAs are trending down.
• Immediate resistance is located at 1.6315 ( 38.2% fib), any close above will push the pair towards 1.6370(50% fib)
• Support is seen at 1.6241 (23.6% fib) and break below could take the pair towards 1.6188(Lower BB).
Recommendation: Good to sell on rally around 1.6290, with stop loss of 1.6360 and target price of 1.6200.
