• 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
