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FxWirePro: EUR/AUD runs out of steam but maintains bullish outlook

• EUR/AUD retreated   on Thursday as   softer than expected European PMIs highlighted worries about global growth. 

• S&P Global's flash Composite Purchasing Managers' Index (PMI)slumped to 51.9 in June from 54.8 in May, far below the 54.0 predicted.

• EUR/AUD is consolidating gains around 1.5250,  a test of resistancea at 23.6%fib cannot be ruled out.

• Technical signals highlight upside bullish trend as daily  RSI  is at 55, daily momentum studies, 5, 10 and 11 daily and   climb.  

• Immediate resistance is located at 1.5262(Higher BB), any close above will push the pair towards 1.5397 (23.6%fib).

• Immediate support is seen at 1.5200 (38.2%fib) and break below could take the pair towards 1.5121 (5DMA).

Recommendation: Good to buy on dips around 1.5250, with stop loss of 1.5170 and target price of 1.5330.
 

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