• EUR/AUD eased on Thursday as investors reacted to latest Australian labour market data.
• The Australian economy added 44,000 new jobs in January, surpassing expectations of a 20,000 increase, signaling a stronger-than-expected labor market.
• The jobless rate increased to 4.1% as anticipated, but with many individuals awaiting new job starts, it is expected to decrease in the coming month.
• Overall, the data shows that Australia’s labor market is still expanding, contributing to economic growth despite a challenging global environment.
• Technical signals are bearish as RSI is heading down at 37, daily momentum studies 5, 9 and 11 DMAs are trending down.
• Immediate resistance is at 1.6475(38.2% fib), with a close above potentially pushing the pair to 1.6581 (50% fib).
• Support is at 1.6340(23.6% fib), and a break below could push the pair towards 1.6304 (Lower BB).
Recommendation: Good to sell around 1.6400, with stop loss of 1.6500 and target price of 1.6360
