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FxWirePro: EUR/AUD advances amid mixed economic data


• EUR/AUD advanced on Thursday as investors digested  a series of economic releases from both the Eurozone and the United States.

• Data showed that U.S. producer prices unexpectedly declined in April, alongside a slowdown in retail sales data.

•  The Eurozone economy expanded by 1.2% year-on-year in Q1 2025, in line with the previous quarter and the earlier flash estimate.

• Investors are now turning their attention to the University of Michigan’s May data, scheduled for release on Friday. 

• A disappointing report coupled with a drop in inflation expectations could strengthen concerns that the U.S. economy is losing momentum.

• Immediate resistance is located at 1.7566 (50% fib), any close above will push the pair towards 1.7630(May 8th high).

• Immediate support is seen at 1.7244 (61.8% fib) and break below could take the pair towards 1.7172(Lower BB).

Recommendation: Good to buy on dips around 1.7460, with stop loss of 1.7400 and target price of 1.7550.
 

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