• EUR/AUD dipped on Wednesday as investors assessed prospects of a Middle East peace deal and the fallout from the conflict on the global economy.
• Investors continued to monitor headlines for signs of progress in U.S. negotiations with Iran to end the war.
• U.S. President Donald Trump said on Wednesday that negotiations with Iran were in the final stages, while warning of further attacks unless Iran agrees to a deal.
• Oil prices inched lower on the day but markets were still wary of the fallout elevated crude prices will have on the global economy
• Immediate resistance is located at 1.6275(SMA20), any close above will push the pair towards 1.6373(38.2%fib)
• Support is seen at 1.6118(23.6%fib) and break below could take the pair towards 1.6092(Lower BB).
Recommendation: Good to sell around 1.6260, with stop loss of 1.6360 and target price of 1.6200
