FxWirePro: EUR/NZD struggles at 61.8% Fibo, bias higher, stay long

• EUR/NZD struggles to extend gains above 61.8% Fib, Doji formation seen at highs.
   
• The pair is trading a narrow range on the day, bias remains bullish.
   
• Despite the correction from tops at 1.6027, spot keep the bullish momentum unchanged for now.
   
• Upbeat EZ retail sales which rose by 0.5% m/m in June, well above market expectations of a 0.1% rise keep support.
   
• The pair has broken major resistance at 1.5775 and price action is above major moving averages and daily Ichi cloud.
   
• We see scope for test of 1.6418 (78.6% Fib retrace of 1.6930 to 1.4535 fall).
   
• Weakness likely on retrace below daily cloud. Drag till 100-DMA at 1.56 then likely.

Support levels - 1.5892 (5-DMA), 1.5755 (trendline), 1.5723 (20-DMA)

Resistance levels - 1.6015 (61.8% Fib retrace of 1.6930 to 1.4535 fall), 1.6236 (May 19 high), 1.6418 (78.6% Fib)

Call update: Our previous call (http://www.econotimes.com/FxWirePro-EUR-NZD-upside-pauses-at-618-Fibo-bias-higher-good-to-go-long-on-dips-835990) has hit TP1.

Recommendation: Bias higher, stay long.

FxWirePro Currency Strength Index: FxWirePro's Hourly EUR Spot Index was at 109.063(Bullish), while Hourly NZD Spot Index was at -120.831 (Bearish) at 0550 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.

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