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FxWirePro: EUR/AUD consolidating around 1.6500, room for further gains

• EUR/AUD steadied around 1.6514 on Wednesday as euro gained  despite mixed Euro zone business activity data.

• HCOB's first euro zone Composite PMI, calculated by S&P Global, increased to 47.9 this month from 47.6 in December, barely shy of forecasts  of 48.0.

• Germany and France, the 20-country currency union's largest economies, both witnessed an uptick in their manufacturing PMIs but a decline in their services PMIs.

• From a technical viewpoint, RSI  is strongly bullish at 57, daily momentum studies, 5, 10 and 21 daily  MAs all climb.

• Immediate resistance is located at 1.6537(38.2%fib), any close above will push the pair towards 1.6600 (Psychological level).

• Immediate support is seen at 1.6468(50% fib) and break below could take the pair towards 1.6393(61.8%fib).

Recommendation: Good to buy on dips around 1.6500, with stop loss of 1.6410  and target price of 1.6600.

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