FxWirePro: EUR/NZD gaining momentum for a move towards 1.9700 level

• EUR/NZD edged higher on Tuesday as the New Zealand dollar weakened ahead of the country's key labor market report. 

• Markets are increasingly anticipating a rise in New Zealand’s unemployment rate to 5.3% in the upcoming labor market report

• The upcoming jobs report could signal a further slowdown in employment growth, which may increase pressure on the Reserve Bank of New Zealand (RBNZ) to consider rate cuts in the coming months.

• On the data front, Eurozone business activity picked up slightly in July but remained subdued as weak demand continued to weigh on growth, a survey showed Tuesday.

• The HCOB Eurozone Composite PMI, compiled by S&P Global, rose to 50.9 in July from 50.6 in June, narrowly missing the flash estimate of 51.0.

• Technical are favoring bullish sentiment as RSI is at 61and the pair is trading above  5,9 SMAs.

• Immediate resistance is located at 1.9654( 38.2% fib), any close above will push the pair towards 1.9721( Higher BB)

• Support is seen at 1.9507(SMA 20) and break below could take the pair towards 1.9390(38.2% fib)

Recommendation: Good to buy 1.9610 with stop loss of 1.9520 and target price of 1.9700