• EUR/AUD firmed on Wednesday as euro attracted bid ahead of key Eurozone economic data.
• Investors are closely watching upcoming economic data, starting with Germany’s Wholesale Prices, which will provide insights into inflationary trends within the country’s production sector.
• Attention will also shift to the Eurozone’s Employment Change report, a key gauge of labor market dynamics across the region, the second estimate of the Q1 GDP Growth Rate for the eurozone will be also be released.
• EUR/AUD has been in trading in 1.7606-1.7265 range since May 2nd ,pair needs a trigger to spark a move , upcoming Eurozone data a potential catalyst.
• Immediate resistance is located at 1.7452 (May 13th high), any close above will push the pair towards 1.7617 (50% fib).
• Immediate support is seen at 1.7244 (61.8% fib) and break below could take the pair towards 1.7190(Lower BB).
Recommendation: Good to buy on dips around 1.7370, with stop loss of 1.7300 and target price of 1.7500.
