FxWirePro: EUR/AUD bears set to regain control after Tue failure

• EUR/AUD dipped  on Tuesday as Australian dollar firmed as risk-on sentiment returned to global markets following a sell-off in the previous session  .

• A sharp rebound in U.S. private payrolls in October further lifted market sentiment, reinforcing confidence in the labor market’s resilience.

• A survey showed that eurozone growth picked up sharply in October, marking the strongest expansion since May 2023, as the service sector gained momentum and demand strengthened..

• The HCOB Eurozone Composite PMI, compiled by S&P Global, rose to 52.5 in October from 51.2 in September, signaling a tenth straight month of growth and the highest reading in 29 months.

• Immediate resistance is located at 1.7731(50 % fib), any close above will push the pair towards 1.7798(SMA 20).

• Support is seen at 1.7537 (38.2% fib) and break below could take the pair towards 1.7488 (Lower BB).

Recommendation: Good to sell  around 1.7700, with stop loss of 1.7800 and target price of 1.7600