• EUR/NZD initially gained but gave up some ground on Friday as market participants awaited fresh catalyst for further movement.
• EUR/NZD remains relatively bullish, having recent downside attempts short-lived so far.
• EUR/NZD traded within a 154-pip range of 1.8551-1.8397 on Friday, with calm market conditions ahead of the year-end.
• Technical signals are bullish as RSI is at 71, daily momentum studies 5 and 9 DMAs are trending up.
• Immediate resistance is located at 1.8551 (38.2%fib), any close above will push the pair towards 1.8628 (Higher BB)
• Support is seen at 1.8395(38.2%fib ) and break below could take the pair towards 1.8275 (50%fib).
Recommendation: Good buy around 1.8500 with stop loss of 1.8450 and target price of 1.8580
