• EUR/AUD dipped on Thursday as longs ceded ground after soft German retail sales data.
• German retail sales unexpectedly fell in February, decreasing by 1.9% compared with the previous month, data showed on Thursday.
• EUR/AUD moved back towards 38.2%fib support, as the pair continues to struggle for direction.
• Technically RSI struggling to confirm gains , daily momentum studies 9, 10 and 11 DMAs are flat.
• Immediate resistance is located at 1.6596 ( March 26th high), any close above will push the pair towards 1.6634( 38.2%fib).
• Strong support is seen at 1.6533 (38.2 %fib ) and break below could take the pair towards 1.6478 (Lower BB).
Recommendation: Be on sidelines
