• EUR/AUD rose on Thursday as Australian dollar dipped despite solid Australian jobs data.
• Thursday's data from the Australian Bureau of Statistics (ABS) showed 29,000 net new jobs were created in June, in-line with forecasts for a 30,000 gain and on top of 115,100 in May.
• The Australian dollar dipped against euro, having failed to get any lift from another set of surprisingly upbeat jobs figures.
• EUR/AUD bulls confidence is running high, a test of the 1.5944 (Higher BB) highly seem s likely.
• From a technical viewpoint, RSI is strongly bullish at 57, daily momentum studies, 5, 10 and 11 daily MAs are pointing higher.
• Immediate resistance is located at 1.5887 (38.2%fib), any close above will push the pair towards 1.5944(Higher BB).
• Immediate support is seen at 1.5844 (5DMA) and break below could take the pair towards 1.5817 (38.2%fib).
Recommendation: Good to buy on dips around 1.5860, with stop loss of 1.5790 and target price of 1.5910.
