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FxWirePro:EUR/AUD maintains bullish bias with focus on 1.5800

• EUR/AUD erased yesterday’s  gains on Thursday as Australian dollar gained after labour force data showed a faster-than-expected decline in unemployment in April.

• Official figures showed the jobless rate had slipped to a one-year trough of 5.5% compared to economists’ forecast of 5.6%.

• The pair is expected to resume its uptrend, only a break and daily close below 50% fib at 1.5645   will shift bias to the downside.

• Immediate resistance is located at 1.5798 ( 23.6%fib), any close above will push the pair towards 1.5835( 3rd Feb high)

• Strong support is seen at 1.5712(38.2% fib) and break below could take the pair towards 1.5681 (5DMA).

Recommendation: Good to buy around 1.5680  with stop loss of 1.5600 and target price of 1.5800
 

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