FxWirePro:EUR/AUD outlook weaker on renewed downside pressure

•  EUR/AUD dipped on Thursday as Australian dollar was supported by solid Australian jobs data.

• Australian employment recorded a solid increase in January, driven by a rise in full-time hiring, data released Thursday showed, while the unemployment rate held at multi-month lows, underscoring the resilience of the labour market.

•  Data from the Australian Bureau of Statistics showed net employment increased by 17,800 in January, following a revised surge of 68,500 in December. The data was broadly in line with expectations for a 20,000 rise, with full-time positions climbing sharply by 50,500..

• The unemployment rate remained steady at 4.1%, defying expectations for an uptick to 4.2%. The participation rate was unchanged at 66.7%, while hours worked rose a solid 0.6%.

• Technical signals are bearish as RSI is heading down  at 30, daily momentum studies  5, 9 and 11 DMAs are trending down.

•  Immediate resistance is at 1.6867 (SMA 20  ), with a close above potentially pushing the pair to 1.6912 (38.2% fib).

• Support is at 1.6632 (23.6% fib), and a break below could push the pair towards 1.6554(Lower BB).

Recommendation: Good to sell around 1.6700, with stop loss of 1.6780 and target price of 1.6650