FxWirePro: EUR/AUD bullish outlook with scope to target 1.6500

• EUR/AUD steadied    on Tuesday  as Australian dollar weakened ahead of upcoming domestic data releases likely.

•  Investors will focus on Australia's May CPI report due Wednesday. According to a Reuters poll, consumer prices are expected to have fallen 0.4% month-on-month while the annual inflation rate is forecast at 4.3%.

• Market participants will also monitor comments from RBA Deputy Governor Andrew Hauser, who is scheduled to speak in Melbourne later on Wednesday for further clues on the central bank's policy outlook.

• Attention will then shift to Thursday's Australian employment report. Reuters estimates point to a 30,000 increase in jobs in May, while the unemployment rate is expected to remain at 4.4%
 
•  Immediate resistance is located at 1.6472(50%fib), any close above will push the pair towards 1.6516(Hiigher BB)

• Support is seen at 1.6344(SMA 20) and break below could take the pair towards 1.6326(38.2%fib).

Recommendation: Good to buy around 1.6430, with stop loss of 1.6380 and target price of 1.6500