FxWirePro: EUR/AUD lacks momentum but upside risks persist

• EUR/AUD was little changed on Tuesday  as investors awaited business activity from the Eurozone and awaited for fresh catalyst.

• Business activity in the eurozone grew at a slightly faster pace in July than in June but remained sluggish as demand dipped, a survey showed on Tuesday.

• The HCOB Eurozone Composite Purchasing Managers' Index, compiled by S&P Global, edged up to 50.9 in July from 50.6 in June, just below a preliminary estimate of 51.0.

• Among the eurozone's major economies, Spain saw the strongest growth in July, followed by Italy, while Germany posted only modest expansion.

• France was the only major eurozone economy to contract, with its PMI dropping for the 11th consecutive month in July.
    
• Immediate resistance is located at 1.7992 (Higher BB), any close above will push the pair towards 1.8067(38.2%fib)

•Strong support is seen at 1.7843(SMA 20) and break below could take the pair towards 1.7703(50%fib).

Recommendation: Good to buy  around 1.7880, with stop loss of 1.7800 and target price of 1.8000