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FxWirePro: EUR/AUD consolidating around 1.6285 room for further gains

• EUR/AUD strengthened on Monday as investors geared up for Eurozone PMI data later in the week. • Investors will turn their attention to the Eurozone's preliminary Purchasing Managers Index (PMI) data for May, which is …

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FxWirePro: EUR/AUD consolidating around 1.6285 room for further gains
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• EUR/AUD  strengthened  on Monday   as investors geared up for Eurozone PMI data later in the week.

•  Investors will turn their attention to the Eurozone's preliminary Purchasing Managers Index (PMI) data for May, which is set to be released on Thursday.

• At GMT 19:46, the pair was trading up 0.30  percent  at 1.6287 rebounding from daily low at 1.6216.

• Scope is growing for much bigger gains, a break above 38.2%fib will accelerate gains towards 1.6380 level

• Immediate resistance is located at 1.6315 (38.2%fib), any close above will push the pair towards 1.6386 (23.6%fib).

• Immediate support is seen at 1.6264 (50% fib) and break below could take the pair towards 1.6211 (61.8%fib).

Recommendation: Good to buy on dips around 1.6270, with stop loss of 1.6150 and target price of 1.6360

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