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FxWirePro: EUR/AUD consolidating around 1.6114 room for further gains

• EUR/AUD   extended  rally on Monday as reduced political uncertainties in Europe supported euro ahead of upcoming July ECB meeting.

• The ECB is widely anticipated to leave its key rates unchanged. The ECB will likely signal continued progress towards the 2% inflation target.

•  The meeting is expected to reiterate data dependency and is not anticipated to be a market-moving event.

• The euro jumped 0.24% at 1.6155 against Australian dollar , highest level since July 3rd 2024.

• Immediate resistance is located at 1.6127 (23.6%fib), any close above will push the pair towards 1.6147 (Higher BB).

• Immediate support is seen at 1.6066 (38.2% fib) and break below could take the pair towards 1.6035 (Lower BB).

Recommendation: Good to buy on dips around 1.6110, with stop loss of 1.6050 and target price of 1.6180
 

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