• EUR/AUD climbed on Friday, buoyed by weak U.S. nonfarm payrolls which lifted euro broadly.
• July nonfarm payrolls rose by just 73,000, with June’s figure revised sharply down to 14,000, pointing to a significant slowdown in job growth.
• The release of U.S. nonfarm payrolls, a key economic indicator, significantly underwhelmed expectations and shifted market sentiment in favor of euro over the Australian.
• Technical signals are bullish as RSI is at 56, daily momentum studies 5, 9 and 10 DMAs are trending up.
• Immediate resistance is located at 1.8018 ( Higher BB), any close above will push the pair towards 1.8085 (38.2%fib)
• Strong support is seen at 1.7849 (SMA 20 ) and break below could take the pair towards 1.7702(50%fib).
Recommendation: Good to buy around 1.7870, with stop loss of 1.7750 and target price of 1.7980
