• EUR/NZD rose higher on Tuesday as euro was boosted after survey showed German ZEW economic confidence rose in November.
•The ZEW economic sentiment indicator rose faster than expected from 22.3 in October to 31.7 in November.
• EUR/NZD bulls have to contend with strong resistance at 1.6297 (50%fib). If EUR/NZD longs overcome that level, tests of 1.6386 (61.8%fib) resistance is likely.
• Technical signals show the pair could gain more as RSI is at rising, daily momentum studies 5, 9 DMAs are turning up.
•Resistance Levels :1.6297 (50%fib) , 1.6327 (Nov 5th high), 1.6386 (61.8%fib)
• Support Levels: 1.6201 (38.2%fib), 1.6145(Daily low), 1.6082( 23.6%fib)
Recommendation: Good to buy on dips around 1.6240, with stop loss of 1.6150 and target price of 1.6350
