• EUR/NZD rose on Tuesday as lower commodity prices and expectations of an imminent interest rate cut by the RBNZ dragged the kiwi dollar down against euro.
•The rate cuts seemed to have underwhelmed markets with commodity prices continuing to show softness.
• China last week reported weaker-than-expected second-quartereconomic growth, raising concerns about metals demand from top consumer China and sparking a sell-off in the market.
•Technical highlight upside risks for EUR/NZD , with momentum studies, 5, 10 and 21 DMAs tracking north.
• Immediate resistance is located at 1.8246 (23.6% fib), any close above will push the pair towards 1.8282 (Higher BB).
• Support is seen at 1.8109 (38.2% fib) and break below could take the pair towards 1.7989 (50% fib )
Recommendation: Good to buy around 1.8210, with stop loss of 1.8120 and target price of 1.8290
