• 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.
