FxWirePro: EUR/AUD holds above 1.7000 level but upside is limited

• EUR/AUD traded in tight range    as investors awaited Friday’s key US Nonfarm Payrolls print.

• The ECB announces policy later on Thursday and is widely expected to lower its deposit rate by 25 basis points, the sixth reduction in the easing cycle.

• On Tuesday, the parties looking to form the next government of Germany, Europe's largest and the world's third largest economy, agreed to loosen fiscal rules and create a 500 billion euro special fund to boost infrastructure...  

•  Technical signals show the pair could gain more ground in the short-term as RSI is at 55,while moving averages are trending higher.

• Immediate resistance is located at 1.7107(23.6%fib), any close above will push the pair towards 1.7187(Higher BB).

• Immediate support is seen at 1.6947 (38.2% fib) and break below could take the pair towards 1.6792(50% fib).

Recommendation: Good to buy on dips around 1.7000, with stop loss of 1.6920 and target price of 1.7080