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FxWirePro: EUR/NZD range to extend until there is game changing news

• EUR/NZD rose  above 1.8200 level on Tuesday  as   euro gained amid broad dollar weakness and hopes Germany’s ruling can work out differences regarding economic stimulus proposals.

• Global investors braced for a U.S. election outcome that could return Donald Trump to the White House with plans that might push up inflation and debt issuance..

• The pair is currently approaching resistance at 38.2%fib. A break and daily close above will accelerate further gains towards 1.8300 level.

• Technical signals are bullish as RSI is at 59, daily momentum studies  5,9 and 10 SMAs are trending up.

• Immediate resistance is located at 1.8252 (38.2%fib), any close above will push the pair towards 1.8370(23.6%fib).

• Strong support is seen at 1.8141(50% fib) and break below could take the pair towards 1.8096(SMA 11 )

Recommendation: Good to buy around 1.8200 with stop loss of 1.8120  and target price of 1.8300

 

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