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FxWirePro: EUR/ AUD gains slightly but remains on bearish path

•  EUR/AUD gained slightly on Tuesday  after euro zone inflation data reinforced expectations that the European Central Bank will raise interest rates next week.

• Inflation in the 21 nations sharing the euro accelerated to 3.3% in August from 2.9% in July, driven almost entirely by higher energy costs as crude oil and natural gas prices both rose, and refiners bumped up their margins, data from Eurostat showed on Tuesday

•Separate data showed that Euro zone manufacturing activity expanded at its fastest pace in more than four years in August, supported by the strongest increase in new orders since early 2022 and solid growth in output, according to an S&P Global survey.

• Immediate resistance is located at 1.6245(38.2% fib), any close above will push the pair towards 1.6303(SMA 20).

• Immediate support is seen at 1.6157(23.6%fiib) and break below could take the pair towards 1.6133(23.6%fiib).

Recommendation: Good to sell  round 1.6230, with stop loss of 1.6300 and target price of 1.6150

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