FxWirePro: EUR/AUD dips below lower range, bearish bias increases

• EUR/AUD dipped   on Tuesday  as  Australian dollar firmed    as risk appetite improved on rising hopes the Middle East war will end soon .

•The Australian dollar also  benefited  from expectations that the Reserve Bank of Australia (RBA) could maintain a relatively hawkish stance compared with other major central banks.

• Comments from President Donald Trump suggesting that the conflict involving Iran could end soon helped boost global risk appetite, encouraging investors to move back into higher-yielding currencies such as the Australian dollar.

• Optimism has helped calm markets temporarily, geopolitical tensions in the Middle East remain elevated.

• Oil prices have retreated from recent highs, though the situation in the region continues to create supply concerns.

• Strong  resistance is located at 1.6470(38.2% fib), any close above will push the pair towards 1.6590(SMA 20)

• Immediate support is seen at 1.6260 (Lower BB) and break below could take the pair towards 1.6149(23.6%fib).

  Recommendation: Good to sell   around 1.6320, with stop loss of 1.6440  and target price of 1.6250