EUR/AUD Price Forecast: Climbs as traders eye 1.6300 and await Aussie jobs data

• EUR/AUD recovers from daily lows, and traders await the October job report in Australia.
• Technical stance shows EUR/AUD near key support; a drop below 1.6238 could target 1.6200 and lower supports.
• Upside potential exists with resistance at 50-day, 100-day, and 200-day SMAs at 1.6315, 1.6356, and 1.6386 respectively.

The shared currency stages a recovery against the Aussie Dollar on Wednesday, printing gains of over 0.18%, as traders await Australia's job report. At the time of writing, the EUR/AUD trades at 1.6284 after hitting a daily low of 1.6238.

The Australian Bureau of Statistics (ABS) will reveal employment figures for October. The Employment Change is estimated to have created 25K jobs, below September's outstanding 64.1K, with the Unemployment Rate expected to remain at 4.1%.

EUR/AUD Price Forecast: Technical outlook

The EUR/AUD is neutral to downward biased after the cross plunged below the 200, 100, and 50-day Simple Moving Averages (SMAs), within a confluence zone at around 1.6315/86. Although the exchange rate aimed higher during the last three days, a drop below the November 13 low of 1.6238 could pave the way for 1.6200. A breach of the latter will expose intermediate support at 1.6161, the latest cycle low reached on November 7, followed by the year-to-date (YTD) low of 1.6003.

Conversely, on further EUR/AUD strength, buyers must clear the 50-day SMA at 1.6315. If surpassed, up next would be the 100-day SMA at 1.6356, followed by the 200-day SMA at 1.6386. Once surpassed, the following resistance would be the 1.6400 figure.

EUR/AUD Price Chart - Daily