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FxWirePro :EUR/NZD consolidating around 1.6775, bias is bullish

• EUR/NZD rose higher on Thursday as investor optimism for a global economic recovery lifted the pair.

. • EUR/NZD hit daily high at 1.6765, before retreating slightly. It was last trading at 1.6775 at 17:35 GMT.

•50%fib at 1.6803  is proving tough resistance,a break above targets the 38.2% fib at  1.6887

• Technical signals show the pair could gain more ground in the short-term as RSI is  bullish, daily momentum studies  5  and 9 DMAs are trending  up.

• Strong support is seen at 1.6740 (61.8%fib ) and break below could take the pair towards 1.6700(Psychological level).

 Recommendation: Good to buy around 1.6770, with stop loss of 1.6650 and target price of 1.6850

 

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