FxWirePro: EUR/NZD finds strong resistance at 1.7060, good to go long on break above

• EUR/NZD has been on a gradual uptrend since January lows of 1.6520.
   
• We are seeing a slight correction after the pair hit 2-month highs of 1.7102 (Feb 5th).
   
• Downside has held above 20-DMA and we see further weakness only on break below.
   
• The pair is currently trading at 1.6951 and finds stiff trendline resistance at 1.7060 levels.
   
• Technical studies support further upside in the pair and we advise to watch out for break above 1.7060 for further upside.
   
• Price rise has been supported by rising volumes which adds to scope for further gains.
   
• Break above 1.7060 finds next major resistance at 1.7102 (Feb 5th high) ahead of 1.7214.

Support levels - 1.6932 (5-DMA), 1.6883 (20-DMA), 1.6737 (110-EMA)

Resistance levels - 1.70, 1.7060 (trendline), 1.7102 (Feb 5 high)

Recommendation: Good to go long on break above 1.7060, SL: 1.6930, TP: 1.71/ 1.7210

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