• EUR/AUD steadied around 1.6360 on Thursdays as euro continued to maintained positive momentum against Australian dollar after Eurozone PMI data.
• The preliminary composite Purchasing Managers' Index for the currency bloc came in above the 50 level separating growth from contraction for the third month in a row.
• HCOB's preliminary composite Purchasing Managers' Index (PMI), compiled by S&P Global, climbed to 52.3 this month from April's 51.7.
• From a technical viewpoint, RSI is strongly bullish at 51, daily momentum studies, 5, 9 and 11 are trending up.
• Immediate resistance is located at 1.6374(38.2%fib), any close above will push the pair towards 1.6426(23.6%fib).
• Immediate support is seen at 1.6334 (50%fib) and break below could take the pair towards 1.6290 (61.8%fib).
Recommendation: Good to buy around 1.6340, with stop loss of 1.6250 and target price of 1.6430
