FxWirePro: EUR/AUD bulls lose traction, cannot add to overnight gains

• EUR/AUD eased on Wednesday  after  data showed German producer prices fell year-over-year in February.

• The German Federal Statistics Office reported that producer prices in February dropped by 4.1% on an annualized basis, surpassing expectations for a steeper decline.  
• At GMT 20:15, the pair was trading down  0.26 percent  at 1.6587 after reaching daily high at 1.6657.

• From a technical viewpoint, RSI  is  bullish at 53, daily momentum studies 14 and 21 are trending up.

•  Immediate resistance is located at 1.6672( 23.6%fib), any close above will push the pair towards 1.6702(Higher BB).

• Strong  support is seen at 1.6570 (38.2%fib ) and break below could take the pair towards 1.6487 (50%fib).

Recommendation: Good  to buy  around 1.6580, with stop loss of 1.6460 and target price of 1.6650