• EUR/AUD was little changed on Wednesday as investors awaited fresh catalyst for further movement.
• On the data front, higher cost of borrowing dented the euro zone economy, with industrial production decreasing by 3.2% in January from the previous month.
• Investors are now looking to Thursday's U.S. retail sales data, the producer prices index (PPI) report, and jobless claims for more evidence on US interest rates this year.
• From a technical viewpoint, RSI is strongly bullish at 51, daily momentum studies, 5, 10 and 11 DMA’s are trending up.
• Immediate resistance is located at 1.6562(23.6%fib), any close above will push the pair towards 1.6603(March 7th high).
• Strong support is seen at 1.6454(38.2% fib) and break below could take the pair towards 1.6421 (Lower BB).
Recommendation: Good to buy around 1.6530, with stop loss of 1.6400 and target price of 1.6620
