FxWirePro: EUR/NZD eyes fibo resistance after rallying off from 1.6530
• EUR/NZD strengthened on Tuesday as euro was supported by forecast-beating inflation readings in the Eurozone bloc.
• EUR/NZD traded to 1.6686 before buyers receded. A daily EUR/NZD close above 1.6692 will further improve the technical outlook.
• Technical signals show the pair could gain more ground in the short-term as RSI is at 65 bullish, daily momentum studies 5, 9 and 11 DMAs are trending up.
• Immediate resistance is located at 1.6692 (Daily high), any close above will push the pair towards 1.6724(23.6%fib).
• Strong support is seen at 1.6593 (38.2%fib) and break below could take the pair towards 1.6535(5DMA ).
Recommendation: Good to buy around 1.6610 with stop loss of 1.6500 and target price of 1.6700