• EUR/AUD eased slightly on Friday as traders booked profits after recent gains but remained well-placed for further advances.
•Euro recorded strong gains against Australian dollar this week due consistently growing euro zone business activity data.
• Euro Zone May HICP, US weekly claims & April PCE data are key data risks next week.
• 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 1.6412(38.2%fib), any close above will push the pair towards 1.6437(Higher BB).
• Immediate support is seen at 1.6358 (38.2%fib) and break below could take the pair towards 1.6306290 (50%fib).
Recommendation: Good to buy around 1.6360, with stop loss of 1.6250 and target price of 1.6400
