• EUR/AUD slipped lower on Monday as Australian dollar firmed as markets focus shifted to RBA minutes and inflation data.
• On Tuesday, investors will closely examine the Reserve Bank of Australia (RBA) Meeting Minutes to gauge the board’s level of consensus on recent policy decisions.
• On Wednesday, market attention turns to Australia’s Monthly Consumer Price Index (CPI) report for July, which is expected to provide a timely gauge of inflation momentum.
• A close above 38.2% fib resistance will likely trigger a new bullish phase with potential for 1.6400.
• Immediate resistance is located at 1.8005 (38.2%fib), any close above will push the pair towards 1.8224(Higher BB).
• Immediate support is seen at 1.7688(50%fib) and break below could take the pair towards 1.7631(50%fib).
Recommendation: Good to buy on dips around 1.7900, with stop loss of 1.7820, and target price of 1.8100
