- EUR/NZD has been on a gradual uptrend since January lows of 1.6520.
- We are seeing a slight correction after the pair hit 2-month highs of 1.7102 (Feb 5th).
- Downside has held above 20-DMA and we see further weakness only on break below.
- The pair is currently trading at 1.6951 and finds stiff trendline resistance at 1.7060 levels.
- Technical studies support further upside in the pair and we advise to watch out for break above 1.7060 for further upside.
- Price rise has been supported by rising volumes which adds to scope for further gains.
- Break above 1.7060 finds next major resistance at 1.7102 (Feb 5th high) ahead of 1.7214.
Support levels - 1.6932 (5-DMA), 1.6883 (20-DMA), 1.6737 (110-EMA)
Resistance levels - 1.70, 1.7060 (trendline), 1.7102 (Feb 5 high)
Recommendation: Good to go long on break above 1.7060, SL: 1.6930, TP: 1.71/ 1.7210
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