FxWirePro: EUR/AUD downside pressure builds, key support levels in focus

• EUR/AUD softened on Thursday as investors remained cautious, awaiting clarity on a potential trade agreement between the EU and the United States.

• Brussels is in active talks with U.S. counterparts over a range of potential measures to shield the European Union’s auto industry from steep U.S. import tariffs.

• U.S. President Donald Trump said Tuesday he was likely just two days away from sending the EU a formal letter outlining the tariff rates on its exports to the United States.

• The negotiations reflect growing urgency within the EU to secure relief for one of its most critical sectors as the August 1 tariff deadline approaches.

• Technical indicators have turned bearish, with the RSI at 46 and both the 5- and 9-day moving averages trending downwards.

•  Immediate resistance is located at 1.7972 (Daily high), any close above will push the pair towards 1.8076 (38.2%fib)

• Strong support is seen at 1.7691(50%fib) and break below could take the pair towards 1.7619(Lower BB).

Recommendation: Good to sell around 1.7780, with stop loss of 1.7850 and target price of 1.7700