FxWirePro: EUR/NZD eyes fibo resistance after rallying off from 1.7885
• EUR/NZD steadied on Monday as investors prepared for a series of economic data releases from the euro zone and a crucial U.S. inflation report later in the week. • In the latter half of the week, the euro zone's final …
• EUR/NZD steadied on Monday as investors prepared for a series of economic data releases from the euro zone and a crucial U.S. inflation report later in the week.
• In the latter half of the week, the euro zone's final inflation figures and flash first-quarter GDP data will be closely examined to assess the potential interest rate trajectory for the European Central Bank.
• A close above 23.6%fib resistance, will likely trigger a new bullish phase with potential for 1.8100.
• Technical signals are bullish as RSI is turning up, daily momentum studies 5 and 9 DMAs are trending up.
• Immediate resistance is located at 1.7987( 23.6%fib), any close above will push the pair towards 1.8050(April 8th high).
• Strong support is seen at 1.7874(38.2%fib ) and break below could take the pair towards 1.7847 (Lower BB).
Recommendation: Good to buy around 1.7920, with stop loss of 1.7800 and target price of 1.7980
