• EUR/NZD strengthened on Monday as euro gained some momentum as investors moved past the initial shock from election results in France.
• Data from Germany revealed that exports declined more than anticipated in May, primarily due to weak demand from China, the U.S., and other European countries.
• This week's primary economic focus will be on the consumer price index (CPI) data from the U.S. and Germany, which will influence the outlook for future interest rate cuts.
• From a technical viewpoint, RSI is strongly bullish at 53, daily momentum studies, 5, 10 and 11 daily MAs are pointing higher.
• Immediate resistance is located at 1.7719(38.2%fib), any close above will push the pair towards 1.7761(Higher BB).
• Immediate support is seen at 1.7653 (50%fib) and break below could take the pair towards 1.7593 (61.8%fib).
Recommendation: Good to buy on dips around 1.7650, with stop loss of 1.7550 and target price of 1.7730
