FxWirePro: EUR/AUD gaining momentum for a move towards 1.6800 level

• EUR/AUD  consolidated around 1.6737 on Wednesday    as improving risk appetite driven by hopes that the Iran conflict may ease helped ease stagflation fears.

• Trump said on Wednesday that Iran had asked for a ceasefire, but he will consider it only after Tehran stops blocking the Strait of Hormuz. Iran denied it made any such request.

• Iran’s foreign ministry denied claims that it requested a ceasefire, keeping Middle East tensions elevated.

• The February trade balance is due Thursday, with a Reuters poll forecasting a 2.85 billion AUD surplus, which could influence AUD sentiment.

•March US non-farm payrolls is due on Friday, are expected to show a modest gain of +60k according to Reuters, which could impact risk appetite and U.S. dollar movements.

. • Technical signals are bearish as RSI is at 37, momentum studies  11,14  and 21 DMAs are trending down. 

• Strong  resistance is located at 1.6820(38.2% fib), any close above will push the pair towards 1.6878(Higher BB)

• Immediate support is seen at 1.6683 (50% fib) and break below could take the pair towards 1.6551(61.8% fib).

  Recommendation: Good to buy  around 1.6700, with stop loss of 1.6600  and target price of 1.6800