• EUR/AUD steadied around 1.7640 on Friday as investors digested on Australian retail sales, German retail sales and inflation data.
• German retail sales fell by 1.1% in April compared with the previous month, data showed on Friday. Analysts had predicted a 0.2% increase.
• German Inflation eased to 2.1% in May from 2.2% in April, according to preliminary harmonised data released by the federal statistics office on Friday.
• Australian retail sales unexpectedly fell 0.1% in April, missing forecasts for a 0.3% rise and snapping a three-month growth streak, data from the Australian Bureau of Statistics showed.
• Immediate resistance is located at 1.7682(38.2% fib), any close above will push the pair towards 1.7758(Higher BB).
• Immediate support is seen at 1.7482(May 29th low) and break below could take the pair towards 1.7312 (50% fib).
Recommendation: Good to buy around 1.7630, with stop loss of 1.7560 and target price of 1.7690.
