FxWirePro: EUR/AUD range-bound short term, primary trend still bullish

• EUR/AUD traded in tight range on Tuesday  as investors cautiously monitored global trade developments, with attention centered on the fast-approaching August 1 U.S. tariffs deadline.

• Washington has secured only a few trade deals so far, but ongoing negotiations with several key trading partners have kept market sentiment relatively upbeat, as investors hold out hope that some agreements will be finalized before the looming tariff deadlines.

• Minutes from the Reserve Bank of Australia’s July meeting offered little surprise, reiterating the central bank’s cautious and measured approach toward monetary easing.
 
•  The RBA maintained its data-dependent stance and made it clear that any rate adjustments would be gradual, with particular focus now turning to Australia’s Q2 CPI data, which could influence the August 12 policy decision.

•  Immediate resistance is located at 1.8042(38.2%fib), any close above will push the pair towards 1.8096 (Higher BB)

• Strong support is seen at 1.7750(50%fib) and break below could take the pair towards 1.7696(Lower BB).

Recommendation: Good to sell around 1.7920, with stop loss of 1.7850 and target price of 1.8050