FxWirePro- Currency Strength Index (4- Hour chart)- Currency pairs to watch(EURGBP and CHFJPY) for the day
FxWirePro:EUR/AUD dips below lower range, bearish bias increases
• EUR/AUD declined on Thursday as higher commodity prices and strong Australian jobs data boosted Australian dollar
• Australian employment raced ahead in December as the jobless rate fell to its lowest point since 2008.
• At GMT 17:24, the pair was trading down 0.76 percent at 1.5600.
• Technical signals are bearish as RSI is heading down at 41, daily momentum studies 5, 9 and 11 DMAs are trending down.
• Immediate resistance is located at 1.5679( 50% fib), any close above will push the pair towards 1.5726 (30 DMA)
• Strong support is seen at 1.5587(38.2%fib ) and break below could take the pair towards 1.5522 (Lower BB).
Recommendation: Good to sell on rally around 1.5600, with stop loss of 1.5700 and target price of 1.5500.