FxWirePro:EUR/AUD under pressure , knocking on door of key support

• 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