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FxWirePro: EUR/NZD tests 200-DMA at 1.7112, good to stay long on break above

EUR/NZD chart on Trading View used for analysis

  • EUR/NZD hovers around 200-DMA at 1.7112, break above to see further upside.
     
  • Technical studies support upside in the pair. Momentum with the bulls.
     
  • RSI is abvove 60 and bias is higher. Price action in within cloud and break above to see upside acceleration.
     
  • Immediate resistance lies at 1.7243 (cloud top) ahead of 61.8% Fib at 1.7316.
     
  • 5-DMA is immediate support at 1.7073, break below 21-EMA to see further weakness.

Support levels - 1.7073 (5-DMA), 1.70, 1.6860 (21-EMA)

Resistance levels - 1.7243 (cloud top), 1.7317 (61.8% Fib), 1.7378 (July 3 high)

Recommendation: Good to stay long on break above 200-DMA, SL: 1.7070, TP: 1.7240/ 1.7315
 

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