FxWirePro: EUR/AUD recovers some ground, but outlook remains bearish

• EUR/AUD edged higher on Wednesday  as Australian dollar weakened ahead Of crucial Australian Jobs data. 

•  Australia’s August employment report is due at 0130 GMT, with economists expecting employment to increase by 20,000 and the unemployment rate to remain at 4.5%. The data could influence expectations for the Reserve Bank of Australia’s policy path.

• Meanwhile, attention will also turn to the RBA’s monetary policy decision on Tuesday, with markets currently pricing in a 25-basis-point rate hike. The central bank’s guidance on the outlook for further tightening will be closely watched.

• Geopolitical developments are adding to market volatility. Iran said it remains far apart from the United States in peace talks, while Brent crude prices jumped 4.3%.

• Immediate resistance is located at 1.6237 (38.2%fib), any close above will push the pair towards 1.6253(Higher BB).

• Immediate support is seen at 1.6153(SMA 20) and break below could take the pair towards 1.6085(23.6%fib)
    
Recommendation: Good to sell around 1.6190, with stop loss of 1.6250 and target price of 1.6110