FxWirePro: EUR/AUD edges higher but bulls lack punch

• EUR/AUD initially gained but gave up ground as markets  assessed the outcome Federal Reserve’s rate decision. 

• The Fed cut interest rates by a quarter of a percentage point and indicated it will steadily lower borrowing costs for the rest of the year.

• This marks the Fed's first rate cut of the year, following a pause in policy changes since December after lowering interest rates three times in 2024.

• Powell stressed that policymakers will adopt a “meeting-by-meeting” approach in determining the trajectory of interest rates.

• Immediate resistance is located at 1.7768(50%fib), any close above will push the pair towards 1.7820(SMA 20).

• Immediate support is seen at 1.7604(61.8% fib) and break below could take the pair towards 1.7550(Lower BB).

Recommendation: Good to buy on dips around 1.7740, with stop loss of 1.7670 and target price of 1.7800