- EUR/NZD pauses upside, hovers around 1.67 handle, bias still higher.
- The pair is consolidating upside at fresh 5-week highs at 1.6710, is down slightly, -0.07% lower on the day.
- EUR to remain supported after Premier Carles Puigdemont pulled back from the brink of a full-blown unilateral declaration of independence for Catalonia and opened doors for last minute negotiations.
- Technical studies support upside, the pair is on track to test channel top resistance at 1.68.
- Stocks and RSI biased higher, momentum studies are bullish. MACD line is showing a bullish crossover on signal line and ADX also supports uptrend.
- Weekly charts are also bullish, however, Stochs are at overbought so some caution advised.
Support levels - 1.66 (5-DMA), 1.6545 (50% Fib retrace of 1.8555 to 1.4535 fall), 1.6413 (20-DMA)
Resistance levels - 1.6710 (Oct 10 high), 1.68 (channel top), 1.6930 (May 2016 high)
Call update: Our previous call (https://www.econotimes.com/FxWirePro-EUR-NZD-Trade-Idea-938735) has hit TP1/2/3.
Recommendation: Book partial profits at highs, hold for further upside.
FxWirePro Currency Strength Index: FxWirePro's Hourly EUR Spot Index was at 146.457 (Bullish), while Hourly NZD Spot Index was at -105.023 (Bearish) at 0520 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
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