FxWirePro: EUR/NZD Trade Idea

EUR/NZD chart - Trading View 

Chart Pattern: Sloping Channel

Technical Analysis: Bias Bullish
- Edges above daily channel top
- Hovers around 55-EMA and cloud base
- RSI above 50, bias higher. Stochs are at overbought levels

Data Released:
- Germany February industrial output m/m increased to 0.7 %, beating forecast at 0.5 % and compared to -0.8 % in the previous month.
- Upbeat data liekly to support the single currency

Support levels - 1.6571 (5-DMA), 1.6542 (21-EMA), 1.65
Resistance levels - 1.6610 (55-EMA and cloud base), 1.6734 (110-EMA)

Recommendation: Stay long on decisive break above 55-EMA, SL: 1.6570, TP: 1.67/ 1.6730

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.