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FxWirePro: EUR/AUD neutral in the near-term, scope for downward resumption


• EUR/AUD traded in tight range on Tuesday as investors were caution ahead of major central bank decisions later this week.

• Markets will pay close attention to policy meetings at the European Central Bank and the Bank of England this week for any signs they could ⁠hike rates to curb price pressures.

• Progress on U.S.-Iran peace talks stalled after a U.S. official said President Donald Trump was unhappy with the latest Iranian proposal to end the two-month war.

• Meanwhile, a key ECB survey showed Euro zone consumers sharply raised their inflation expectations in ⁠March.

• Immediate resistance is located at 1.6466(38.2%fib), any close above will push the pair towards 1.6496 (SMA 20)

• Support is seen at 1.6227 (Lower BB) and break below could take the pair towards 1.6159(23.6%fib).

Recommendation: Good to sell   around 1.6480, with stop loss of 1.6560 and target price of 1.6400

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