FxWirePro: EUR/NZD holds strong trendline support, Doji formation raises scope for upside

EUR/NZD chart - Trading View 

• EUR/NZD is trading at 1.6503 at 0826 GMT, up 0.33% at the time of writing.
   
• The pair has bounced off strong trendline support at 1.64 mark.
   
• Formation of 'Doji' at lows raises scope for upside in the pair.
   
• Also, there is slight bullish divergence of RSI from price action which adds to the bullish bias.
   
• 20-DMA is strong resistance at 1.6560, break above will see continuation of upside.
   
• Next major hurdle above 20-DMA lies at 50-DMA at 1.6693. Break above targets daily cloud.
   
• On the downside, break below trendline support at 1.64 required for further weakness.

Support levels - 1.6502 (5-DMA), 1.64 (trendline), 1.6329 (Dec 5 low), 1.63

Resistance levels - 1.6560 (20-DMA), 1.66, 1.6693 (20-DMA)

Recommendation: Watch out fot break above 20-DMA to go long.

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.