FxWirePro: EUR/NZD buoyancy keeps consolidation intact, set for further gains
• EUR/NZD initially decline on Monday but recovered ground as the pairs bullish allure persisted across the board . • EUR/NZD briefly dipped but found buyers at 1.6704, recovery lifts the pair towards 1.6747 level. A bre…
• EUR/NZD initially decline on Monday but recovered ground as the pairs bullish allure persisted across the board .
• EUR/NZD briefly dipped but found buyers at 1.6704, recovery lifts the pair towards 1.6747 level. A break and daily close above 1.6801 (38.2%fib)will accelerate further gains.
• Technical signals show the pair could gain more ground in the short-term as RSI is at 60 bullish, daily momentum studies 5, 9 and 11 DMAs are trending up.
• Immediate resistance is located at 1.6801 (38.2%fib), any close above will push the pair towards 1.6839 (Oct 1st 2021 High).
• Strong support is seen at 1.6718 (5DMA) and break below could take the pair towards 1.6693 (50% fib ).
Recommendation: Good to buy around 1.6750, with stop loss of 1.6680 and target price of 1.6820
