FxWirePro: EUR/AUD edges higher after ECB holds rates steady

• EUR/AUD inched higher on Thursday after the ECB held rates steady and struck a cautiously upbeat tone on the euro zone economy.

• The ECB held its benchmark rate at 2% on Thursday, opting to pause after a year of cuts as it awaits greater clarity on Europe’s trade outlook with the United States.

• ECB President Christine Lagarde said the euro zone economy is in a "good place," with growth aligning with or exceeding forecasts   comments that fueled market speculation the central bank may be done cutting rates for now.

• On the data front, euro zone’s HCOB flash PMI rose to 51.0 in July, the highest in 11 months, signaling a pickup in activity.

•  Immediate resistance is located at 1.7874(SMA 20), any close above will push the pair towards 1.8068(38.2%fib)

• Strong support is seen at 1.7746(61.8%fib) and break below could take the pair towards 1.7708(Lower BB).

Recommendation: Good to buy   around 1.7820, with stop loss of 1.7760 and target price of 1.7900