EUR/NZD chart on Trading View used for analysis
- EUR/NZD is struggling to break past 200-DMA which is stiff resistance at 1.7112.
- Momentum studies are bullish and break above 200-DMA will take the pair higher.
- A slew of economic data from the euro area is due later today, prominent among which is EZ CPI.
- We also await Germany Service PMI, Composite PMI, Unemployment data (08:55 GMT) along with Euro zone Service PMI, Composite PMI (09:00 GMT).
- Upbeat data could support the single currency and hence upside in the pair.
- Next immediate resistance above 200-DMA lies at 1.7243 (cloud top) ahead of 1.7317 (61.8% Fib).
- On the downside, we have strong support at 21-EMA at 1.6867. Break below to see further weakness.
Support levels - 1.6940 (38.2% Fib), 1.6867 (21-EMA), 1.6706 (23.6% Fib)
Resistance levels - 1.7112 (200-DMA), 1.7243 (cloud top), 1.7317 (61.8% Fib)
