FxWirePro: EUR/AUD steadies above 1.6250, retains bid tone

• EUR/AUD held steady around 1.6250 on Wednesday as investors assessed the latest economic data and the potential impact of policies from the incoming U.S. administration.

• U.S. consumer spending grew solidly in October, indicating the economy maintained strong growth, but progress in reducing inflation has stalled in recent months.  

• Hotter-than-expected inflation data could lead the market to reassess the likelihood of another large interest rate cut next month.

•  Immediate resistance is located at 1.6276 (38.2%fib), any close above will push the pair towards 1.6344 (23.6%fib).

• Immediate support is seen at 1.6220 (50% fib) and break below could take the pair towards 1.6169 (61.8% fib).

Recommendation: Good to buy on dips around 1.6240, with stop loss of 1.6160 and target price of 1.6300