FxWirePro: EUR/NZD Trade Idea

EUR/NZD chart - Trading View 

Technical Analysis: Bias Bullish

- The pair has hit 4-month highs above 1.71 handle before paring some gains

- Price action has bounced off 20-DMA support and has broken above 200-DMA 

- Momentum studies bullish, Stochs and RSI are sharply higher. Bullish divergence adds to bullish bias

- The pair trades above daily cloud and major EMAs and volatility is rising

- Close above 200-DMA will see further gains in the pair. Scope for test of 0.7201 (Jan 3rd high)

- Failure to close above 200-DMA could see retrace till 0.6820 (nearly converged 20-DMA and 21-EMA)

Support levels - 1.6975 (200-DMA), 1.6924 (5-DMA), 1.6820 (nearly converged 20-DMA and 21-EMA)

Resistance levels - 1.71, 1.72, 1.7303 (61.8% Fib)

Recommendation: Good to go long on close above 200-DMA, SL: 1.6820, TP: 1.7110 (50% Fib), 1.72, 1.7303 (61.8% Fib)

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.