• EUR/NZD rose higher on Tuesday as growing concerns about the impact of the Delta COVID-19 variant on the global economic recovery hit risk-sensitive currencies like kiwi dollar.
• EUR/NZD lifts further above 1.7025(38.2% fib). A test of 23.6% fib cannot be ruled out.
• Technical signals indicate bullish movementum, as RSI is at 56, daily momentum studies 5, 9 and 11 DMAs are trending up.
• Immediate resistance is located at 1.7097 (23.6%fib), any close above will push the pair towards 1.7123 (18th Jan high).
• Immediate support is seen at 1.7025(38.2% fib) and break below could take the pair towards 1.6967 (50% fib ).
Recommendation: Good to buy around 1.7000, with stop loss of 1.6960 and target price of 1.7080
