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FxWirePro: EUR/AUD getting back on track for a run towards 1.7500

• 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.
 

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