• EUR/AUD climbed on Tuesday as soured risk sentiment and falling commodity prices pressured the Australian dollar.
• Oil fell 1.2% due to demand concerns triggered by disappointing economic data from Germany and China.
• Gold dropped 0.20% amid rising expectations for a slower pace of Fed rate cuts in 2025. Copper slid 1.24% on concerns over weakening demand from China..
• Rally towards is 1.6600 possible if EUR/AUD bulls overcome resistance at 38.2%fib
• Immediate resistance is located at 1.6573(38.2%fib), any close above will push the pair towards 1.6643(Higher BB).
• Strong support is seen at 1.6491(50%fib) and break below could take the pair towards 1.6405 (61.8%fib).
Recommendation: Good to buy around 1.6530 with stop loss of 1.6460 and target price of 1.6600
