FxWirePro: EUR/ AUD gains some ground , but remains on bearish path

•  EUR/ AUD gained above 1.6300 on Tuesday   as   investors awaited  series of high-impact economic events.

•   The primary focus is Australia's second-quarter consumer price index, due at 0130 GMT on Wednesday. Analyst forecasts inflation to rise 0.7% quarter-on-quarter and 4.1% year-on-year.

•A stronger-than-expected reading could reinforce expectations of further Reserve Bank of Australia policy tightening, while a softer result may reduce the likelihood of additional rate hikes.

·  Later on Wednesday, attention will shift to the Federal Reserve's policy decision. While the U.S. central bank is widely expected to leave interest rates unchanged, investors will closely scrutinize the policy statement and Chair Jerome Powell's comments for clues on the timing of any future policy adjustments.
 

·  Geopolitical developments also remained in focus after Gulf states reportedly proposed voluntary transit fees to Iran for vessels using the Strait of Hormuz, adding to optimism that tensions in the Middle East could continue to ease...

• Immediate resistance is located at 1.6360(38.2% fib), any close above will push the pair towards 1.6384(SMA 20).

• Immediate support is seen at 1.6262(Daily low) and break below could take the pair towards 1.6195(Lower BB).

Recommendation: Good to sell  round 1.6340, with stop loss of 1.6430 and target price of 1.6280