• EUR/NZD rose higher on Mondays broad based New Zealand dollar selling drove EUR/NZD sharply higher.
• At GMT 18:16, the pair was trading up 1.11 percent at 1.6613 after reaching daily high at 1.6659.
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• EUR/NZD gains near 23.6%fib,consolidation likely to continue while market seeks fresh factors.
• Technicals are favouring bullish sentiment as RSI is turning up and the pair is trading below 5& 9-DMAs.
• Immediate resistance is located at 1.6659(23.6% fib), any close above will push the pair towards 1.6742(21DMA).
• Strong support is seen at 1.65136 (38.2% fib) and break below could take the pair towards 1.6395v (50% fib )
Recommendation: Good to buy around 1.6600 , with stop loss of 1.6520 and target price of 1.6690
