FxWirePro: EUR/NZD struggle to extend its recovery, good to sell on rally
• EUR/NZD edged higher on Monday but the gains were capped ahead of a week full of central bank meetings. • BoE, Fed and ECB are scheduled to announce their monetary policy decisions during the week. The three major cent…
• EUR/NZD edged higher on Monday but the gains were capped ahead of a week full of central bank meetings.
• BoE, Fed and ECB are scheduled to announce their monetary policy decisions during the week. The three major central banks are seen keeping rates unchanged at their respective meetings this week.
• Pair traded in 1.7629/1.7537 range and was last trading at 1.7581.
• Technical signals are bearish as RSI is at 35, daily momentum studies 5,9 and 10 DMAs are trending down.
• Immediate resistance is located at 1.7589( 38.2%fib), any close above will push the pair towards 1.7626(11DMA).
• Strong support is seen at 1.7537(Daily low ) and break below could take the pair towards 1.7485 (23.6%fib).
Recommendation: Good to sell around 1.7600, with stop loss of 1.7700 and target price of 1.7500.
