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FxWirePro: EUR/AUD maintains bearish bias with focus on 1.7600 level

• EUR/AUD dipped    on Tuesday  as    Australian dollar firmed  as improved market sentiment supported Australian dollar.

• Australian dollar also is underpinned by the RBA’s cautious yet hawkish stance, which limits expectations of further easing.

• Focus now turns to appearances by Michele Bullock and Christopher Kent before the Senate Economics Committee at 2200 GMT.

• On the data front,investors are awaiting Australia’s Q3 GDP data due Wednesday, with the Reuters poll forecasting +0.7% q/q and +2.2% y/y growth.

• Immediate resistance is located at 1.7782(SMA 20), any close above will push the pair towards 1.7789(50 % fib).

• Support is seen at 1.7682 (38.2 % fib) and break below could take the pair towards 1.7636(Lower BB).

Recommendation: Good to sell  around 1.7710, with stop loss of 1.7800 and target price of 1.7600

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