FxWirePro: EUR/GBP bounces off channel base, euro shrugs off drop in Sentix Investor Confidence amid upbeat EZ retail sales
FxWirePro :EUR/NZD rallies 1-week high, good to buy on dips
• EUR/NZD rose higher on Friday as euro continued to receive warm welcome from market on EU Commission's recovery proposal.
• EUR/NZD bulls have to contend with strong resistance at 1.7879 (38.2% fib). If EUR/NZD longs overcome that level, tests of 1.8069 (50 DMA) resistance is likely.
• Technical signals show the pair could gain more ground in the short-term as RSI is at 51 bullish, daily momentum studies 5, 9 DMAs are turning up.
• Resistance Levels : 1.7906 (9DMA) ,1.7974 (38.2%fib), 1.8069 (50 DMA)
• Support Levels: 1.7853 (9DMA), 1.7812(Daily low), 1.7700( 100 DMA)
Recommendation: Good to on dips around 1.7850, with stop loss of 1.7700 and target price of 1.8100