FxWirePro: EUR/AUD edges higher but bearish outlook persists

• EUR/AUD edged higher on Monday  after the Federal Reserve kept interest rates unchanged.

•  The U.S. central bank held interest rates steady on Wednesday and projected higher inflation, steady unemployment and a single reduction in borrowing costs this year

• The Labor Department said its Producer Price Index for final demand surged 0.7% last month, the most since last July, and well above the 0.3% rise forecast by economists  .

• Other data from the Commerce Department showed factory orders rose 0.1%, which matched expectations, after an upwardly revised 0.4% drop in December..

• Strong  resistance is located at 1.6357(March 13th high), any close above will push the pair towards 1.6452 (SMA 20)

• Immediate support is seen at 1.6146 (23.6% fib) and break below could take the pair towards 1.6050 (Lower BB).

  Recommendation: Good to sell   around 1.6300, with stop loss of 1.6380  and target price of 1.6250