• EUR/NZD edged higher on Wednesday upbeat Eurozone retail sales data supported euro.
• Eurozone retail sales rose more than expected in June, highlighting the bloc’s resilience amid trade uncertainty due to strong domestic consumption.
• Retail sales in the euro area rose 3.1% year-on-year in June, beating economists’ forecast of 2.6%.
• Technical are favouring bullish sentiment as RSI is at 63 and the pair is trading above 5,9 SMAs.
• Immediate resistance is located at 1.9677( 38.2% fib), any close above will push the pair towards 1.9751( Higher BB)
• Support is seen at 1.9536(SMA 20) and break below could take the pair towards 1.9429(38.2% fib)
Recommendation: Good to buy 1.9650 with stop loss of 1.9520 and target price of 1.9750
