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FxWirePro: EUR/AUD downside pressure builds, key support level in focus

• EUR/AUD dipped on Thursday as improved risk sentiment and   firmer commodity prices provided  support Australian dollar. 


• On the data front, Eurozone inflation accelerated to 3.2% in August from 2.8% in July, reaching May’s two-and-a-half-year high while undershooting the preliminary estimate of 3.3%.

• Higher energy prices were the main driver of the increase, pushing energy inflation to 14.3%, its strongest reading since January 2023.
  
•Eurozone services inflation moderated to 3.0%, its weakest reading in four months, while core inflation excluding energy and food edged lower to 2.4% from 2.5%.

• Immediate resistance is located at 1.6182(SMA 20 ), any close above will push the pair towards 1.6264(38.2%fib).

• Immediate support is seen at 1.6089(23.6%fib) and break below could take the pair towards 1.6044(Lower BB)
    
Recommendation: Good to sell around 1.6160, with stop loss of 1.6280 and target price of 1.6060

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