• EUR/AUD rose higher on Friday after data showed Eurozone PMI jumped to an 11-month high.
• Purchasing Managers' Index (PMI), compiled by S&P Global and seen as a good gauge of overall economic health, jumped to an 11-month high of 54.4 in April from March's 53.7, data showed on Friday.
• Technical signals are bullish as RSI is turning higher at 61, daily momentum studies 5, 9 and 10 DMAs are trending up.
• Immediate resistance is located at 1.6451( 23.6%fib), any close above will push the pair towards 1.6469 ( 23.6%fib)
• Strong support is seen at 1.6343 (11 DMA ) and break below could take the pair towards 1.6264 (38.2% fib).
Recommendation: Good to buy around 1.6400, with stop loss of 1.6310 and target price of 1.6480.
