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FxWirePro: GBP/NZD retreats slightly but trend is still bullish

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FxWirePro:EUR/AUD retreats but trend is still bullish

Thursday, February 29, 2024 6:03 PM UTC

• EUR/AUD retreated from daily high on Thursday as investors digested German inflation figures.

• Preliminary data released on revealed a decline in inflation across six economically significant German states in February, indicating a persistent downward trend in German inflation.

• The inflation rate in North Rhine-Westphalia, Germany's most populous state, fell to 2.6% in February from 3.0% in January.

• At GMT 18:02, the pair was trading 0.33% lower at 1.6628, slipping from daily high ( 1.6702)

• Technical signals are bearish as RSI is heading down at 57, daily momentum studies 5, 9 and 1 DMAs are trending up.

• Immediate resistance is located at 1.6706(23.6%fib), any close above will push the pair towards 1.6760 (Nov 20th high)

• Strong support is seen at 1.6612 (38.2%fib) and break below could take the pair towards 1.6523 (50%fib).

Recommendation: Good to buy around 1.6620, with stop loss of 1.6540 and target price of 1.6700

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FxWirePro:EUR/AUD retreats but trend is still bullish

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