FxWirePro: EUR/AUD hovers near 3-month low, strong bearish bias

• EUR/AUD eased towards  3-month low on Monday as a stronger appetite for riskier assets boosted demand for the Australian dollar.

• The Australian dollar also found support on Monday as expectations for further rate cuts by the Reserve Bank of Australia (RBA) continued to fade.

• Investors appear increasingly confident that the RBA may maintain its current policy stance, given recent data suggesting the economy is holding up better than previously anticipated.

• Meanwhile, event risk this week is dominated by rate decisions in the U.S., Japan, the U.K., Canada, and Norway, alongside a heavy data calendar in Europe and China.

•  Immediate resistance is located at 1.7719(Sep 11th high), any close above will push the pair towards 1.7847(SMA 20)

• Strong support is seen at 1.7606(50%fib) and break below could take the pair towards 1.7568(Lower BB).

Recommendation: Good to sell   around 1.7650, with stop loss of 1.7740 and target price of 1.7560