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FxWirePro: EUR/NZD consolidating around 1.8340 ,scope for further upside

• EUR/NZD  initially dipped  on Thursday but  recovered some ground as  buyers emerged near 1.8285 level.

• EUR/NZD  traded in quiet range   as longs ceded some ground  , EUR/NZD  's focus is on 23.6%fib, a break above  will accelerate further uptrend.

• From a technical viewpoint, RSI  is strongly bullish at 67, daily momentum studies, 5, 10 and 21 daily  MAs all climb.

• Immediate resistance is located at 1.8404 (23.6%fib), any close above will push the pair towards 1.8441 (Higher BB).

• Immediate support is seen at  1.8300 (5DMA) and break below could take the pair towards 1.8193  (38.2%fib).

Recommendation: Good to buy on dips around 1.8330 , with stop loss of 1.8200  and target price of 1.8430


 

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