FxWirePro: EUR/AUD attracts selling interest, could be on verge of a bigger drop

• The EUR/AUD dipped   on Wednesday  as investors braced for the upcoming U.S. auto tariff announcement, which could escalate trade tensions and impact global markets.

• Trump said Monday that imported car tariffs could be imposed this week, ahead of reciprocal tariffs next week targeting countries driving the U.S. trade deficit.

• Trump and his economic advisers have pledged to unveil the planned levies, along with potential additional sectoral tariffs, on April 2.

• EU Trade Commissioner Maros Sefcovic met with top U.S. officials on Tuesday in a bid to prevent steep tariffs on EU goods, but the outcome remains uncertain..

• Immediate resistance is located at 1.7193(50%fib), any close above will push the pair towards 1.7256(March 24th high).

• Immediate support is seen at 1.7054(38.2%fib) and break below could take the pair towards 1.7000 (Psychological level).

Recommendation: Good to sell around 1.7070, with stop loss of 1.7170 and target price of 1.7000