• EUR/NZD erased earlier gains on Monday as worries about global growth weighed on euro.
• Ifo report suggested Germany was holding up better than expected amid the Ukraine war , the euro zone is seen more at risk than the U.S. and dependent on China for growth.
• Pair traded in 1.6171/1.6359 range and was last trading at 1.6194 into the US afternoon.
• Technical signals show the pair is set to gain ground in the short-term as RSI is at 57 bearish, daily and weekly 5, 10 & 21 MAs heading up .
• Immediate resistance is located at 1.6265(38.2%fib), any close above will push the pair towards 1.6406 (23.6%fib)
• Support is seen at 1.6165 (50%fib) and break below could take the pair towards 1.6059 (61.8%fib).
Recommendation: Good to buy around 1.6150, with stop loss of 1.6000 and target price of 1.6275
