FxWirePro :EUR/NZD rises to eight-month high, maintains bullish bias

• EUR/NZD rose higher on Monday   as New Zealand dollar was negatively impacted by weak commodity prices and bleak growth prospects in China  .

• China's fiscal revenue slid 2.8% in the first half of 2024 from a year earlier, unchanged from a 2.8% fall in the January-May period, official data showed on Monday.

•China's economic slowdown was worse than anticipated in the second quarter as the housing downturn and weak demand dragged on the recovery.

 •Technical highlight upside risks for EUR/NZD , with momentum studies, 5, 10 and 21 DMAs tracking north.

•   Immediate resistance is located at 1.8276 (23.6% fib), any close above will push the pair towards 1.8282 (Nov 14th high).

• Support is seen at 1.8107 (38.2% fib) and break below could take the pair towards 1.7989 (50% fib )

Recommendation: Good to buy around 1.8200, with stop loss of 1.8120  and target price of 1.8290