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FxWirePro:EUR/ AUD losses momentum but bullish setup remains

• EUR/AUD retreated from daily high on Friday after  data German retail sales fell more than-expected in November.

• Retail sales in Germany declined more steeply than anticipated, witnessing a 2.5% drop compared to the previous month.

• The euro  erased  most of earlier  gains against the Australian dollar , the pair was last down at 0.13% at  1.6295.

• Technical signals are bullish as RSI is   at 51, daily momentum studies  5 and 11 DMAs are trending up.

• Immediate resistance is located at 1.6344 ( 38.2%fib), any close above will push the pair towards 1.6413(23.6%fib).

• Immediate support is seen at 1.6287(50%fib) and break below could take the pair towards 1.6229(61.8%fib).

Recommendation: Good to buy  around 1.6280, with stop loss of 1.6200 and target price of 1.6360.
 

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