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FxWirePro: EUR/NZD loses momentum but outlook is bullish

• EUR/NZD initially dipped    but recovered ground on Thursday  ahead of  euro zone inflation data on Friday

• EUR/NZD fell as low as 1.7885 before buyers returned   .EUR/AUD is moving higher around    1.7912 at the time of writing.

• Technical signals are bullish as RSI is at 63, daily momentum studies  10,11 and 14 DMAs are trending down.

• Immediate resistance is located at 1.7974 ( Daily high), any close above will push the pair towards 1.8037 (23.6%fib)

• Support is seen at 1.7842 (5DMA ) and break below could take the pair towards 1.7810 (38.2%fib).

Recommendation: Good to buy  around 1.7900, with stop loss of 1.7790 and target price of 1.7980.

 

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