FxWirePro: EUR/NZD faces strong resistance at 1.52100, good to sell on rallies
EUR/NZD recovered after showing a mild decline below 100-day EMA. The pair jumped till 1.5205 at the time of writing. It is currently trading around 1.51864. It should break above resistance 1.52100 (support turned into …
EUR/NZD recovered after showing a mild decline below 100-day EMA. The pair jumped till 1.5205 at the time of writing. It is currently trading around 1.51864.
It should break above resistance 1.52100 (support turned into resistance) for further bullishness. Short term trend of the pair is still weak and is expected to show weakness in the coming days.
NZD is trading strong against all major pair on expectations that dairy prices is set to rise for the third in a row in the GDT auction.
On the lower side, 1.5185 will be acting as major support and any break below 1.51375 (61.8% retracement of 1.5095 and 1.52045)/1.5090.
Any break above 1.52100 will take the pair till 1.5280/1.5336 (61.8% retracement of 1.54854 and 1.50952).
It is good to sell on rallies around 1.52100-1.5215 with SL around 1.5255 for the TP of 1.5095.
