• EUR/NZD rose higher on Monday as risk aversion flows favored the euro following disappointing Chinese economic data.
• EUR/NZD bulls have to contend with strong resistance at 1.6772 (50%fib) If EUR/NZD longs overcome that level, tests of 1.6825 (61.8%fib) resistance is likely.
• Technical signals show the pair could gain more ground in the short-term as RSI is at 51 bullish, daily momentum studies 5, 9 DMAs are turning up.
•Resistance Levels : 1.6772 (50%fib) , 1.6825 (61.8%fib), 1.6849 (Higher BB)
• Support Levels: 1.6719 (38.2%fib), 1.6647(23.6%fib), 1.6625( Lower BB)
Recommendation: Good to on buy around 1.6750, with stop loss of 1.6650 and target price of 1.6830
